For someone who is struggling to pay off debt, it can seem impossible. Many people who are trying to pay off debts may find it difficult and even impossible to sleep at night. Chapter 13 bankruptcy may be an option if your debt is overwhelming.
Surveying 1000 people with a credit card balance of at least $500, 33% said they had trouble sleeping because of their credit card balance. The US has more than $1 trillion in consumer credit card debt. It is easy to see why many Americans are struggling to make their repayments.
Chapter 13 allows you to set up a debt repayment program that can be completed over a period of 3 to 5 years. This will allow you to create a plan with creditors that can be used for debt relief. Chapter 13 bankruptcy will allow you to pay off your debts in 3 to 5 years. Your debt will be completely discharged if you meet the terms of your repayment plan.
To qualify for a lower rate of interest, you might need to do some credit building after completing a debt repayment program. A higher interest rate on future credit products will be more appealing than having thousands of dollars of debt you won’t be able to repay.
Contact our bankruptcy lawyers today if you’re struggling with debts. We can help you create a Chapter 13 bankruptcy debt repayment plan that will help to improve your financial future.
This post was written by Trey Wright, one of the best bankruptcy Tallahassee attorneys! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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