Convincing Reasons to Reorganize Your Debts in a Chapter 13 Bankruptcy

Accruing massive amounts of debt can seriously compromise your ability to live with any peace of mind. You worry about how you can pay off what you owe to creditors. You also fear that your wages or assets could be seized or garnished.

Rather than risk your peace of mind, income or assets, you can reorganize your debts into one monthly payment. These reasons can convince you to take out a Chapter 13 in Valdosta today.

Single Monthly Payment

Instead of making dozens of separate payments to creditors each month, it can be easier for you to make a single payment that is distributed to all of them on a monthly basis. When you file for a Chapter 13 in Valdosta, you essentially combine all of your debts into a single sum. The court then oversees this sum of debt for you and distributes your payment to each individual creditor each month.

This distribution of your payment allows creditors to get money to put toward your balances. It also prevents them from taking any additional collection actions against you.

Protecting Your Income and Assets

Once you file for bankruptcy, all of your creditors must stop contacting you. They can no longer take collection actions like garnishing your paycheck or seizing your assets. If they contact you, they can be found in contempt of court and made to pay you restitution.

You can find out more about filing for a Chapter 13 in Valdosta online. An experienced lawyer can file your bankruptcy for you.

For more information visit Charles Farrell Jr. LLC today!

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