Filing bankruptcy under chapter 13 enables you to get restructuring of your debt so that you can be able to repay it.
Restructuring may be done in reduced repayment rates, installment amount or even in the repayment plans.
The filing of bankruptcy under chapter 13 is not as simple as it looks at its face value because it has many disadvantages which may affect your overall financial status.
You must understand its disadvantages and alternatives so that you can be able to take the right decision.
As I mentioned above that in chapter 13 of bankruptcy, the restructuring of your unsecured debts takes place and if it is in the repayment plan, then you are liable to repay your debtors uninterrupted in monthly installments, as per the agreed plan.
Now, consider the situation in which you have lost your regular sources of income i.
e.
loss of job due to various reasons, what will you do in this situation? In chapter 13, all debts will not come under consideration for restructuring.
You cannot avail this facility over student loans, unpaid taxes, car loan or even any kind of secured debt.
The chapter 13 of bankruptcy legally binds you that you have to repay these debts in full without getting any restructuring.
Now, consider the most beneficial alternative of bankruptcy i.
e.
debt settlement relief program.
This relief program is very beneficial and efficient in solving the problems of those debtors, who don't want to declare themselves bankrupt either under chapter 13 or chapter 7 of bankruptcy.
This relief program enables you to negotiate with your creditors and get handsome reductions in your massive debts so that they can reach at that level which is affordable and repayable for you.
In debt settlement relief program, you can get up to more than 50 percent reduction in your unsecured liabilities legally and you will not be asked to repay the forgiven amount of your debt ever.
You must avail debt settlement relief program because by availing this option, you have no need to declare yourself bankrupt and bear its highly negative consequences.
This relief program is better than bankruptcy as it enables you to rebuild your financial status a long with affordably and conveniently repaying your debts.
Restructuring may be done in reduced repayment rates, installment amount or even in the repayment plans.
The filing of bankruptcy under chapter 13 is not as simple as it looks at its face value because it has many disadvantages which may affect your overall financial status.
You must understand its disadvantages and alternatives so that you can be able to take the right decision.
As I mentioned above that in chapter 13 of bankruptcy, the restructuring of your unsecured debts takes place and if it is in the repayment plan, then you are liable to repay your debtors uninterrupted in monthly installments, as per the agreed plan.
Now, consider the situation in which you have lost your regular sources of income i.
e.
loss of job due to various reasons, what will you do in this situation? In chapter 13, all debts will not come under consideration for restructuring.
You cannot avail this facility over student loans, unpaid taxes, car loan or even any kind of secured debt.
The chapter 13 of bankruptcy legally binds you that you have to repay these debts in full without getting any restructuring.
Now, consider the most beneficial alternative of bankruptcy i.
e.
debt settlement relief program.
This relief program is very beneficial and efficient in solving the problems of those debtors, who don't want to declare themselves bankrupt either under chapter 13 or chapter 7 of bankruptcy.
This relief program enables you to negotiate with your creditors and get handsome reductions in your massive debts so that they can reach at that level which is affordable and repayable for you.
In debt settlement relief program, you can get up to more than 50 percent reduction in your unsecured liabilities legally and you will not be asked to repay the forgiven amount of your debt ever.
You must avail debt settlement relief program because by availing this option, you have no need to declare yourself bankrupt and bear its highly negative consequences.
This relief program is better than bankruptcy as it enables you to rebuild your financial status a long with affordably and conveniently repaying your debts.
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