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When is Chapter 13 bankruptcy the right choice?

If are asking questions like this, then you are probably losing control, or have already lost control, of your debt. Most people immediately think of Chapter 7 when bankruptcy becomes a consideration, but Chapter 13 may be the right option for some Pennsylvania residents. For the record, a Chapter 7 typically entails liquidating assets to repay your debts while a Chapter 13 usually involves keeping your assets and following a structured debt repayment plan instead.

Many people may choose to file a Chapter 13 bankruptcy because that is their only option. Those in debt must meet certain income requirements to qualify for Chapter 7 protection. In short, a person cannot file Chapter 7 if his or her income exceeds the state's median income.

Some people do not like to owe debts. This kind of ethical outlook has been passed from generation to generation since the earliest days of America. Choosing a Chapter 13 allows a person to repay his or her debt, thus enabling him or her to feel better about the situation.

Yet another reason Chapter 13 may be a good choice is that it can allow the debtor to include non-dischargeable debts. These debts still exist, but with Chapter 13, it is sometimes possible to include them in the court-ordered payment plan. Examples of non-dischargeable debts include student loans and certain taxes.

Probably the biggest reason a person might choose Chapter 13 is to save the possessions they hold most dear. These can include the family home, the family car, personal property and nonexempt property. Filing for Chapter 13 will put a stop to home foreclosure and attempts to repossess automobiles.

No bankruptcy should be entered into lightly. You may benefit from talking with a bankruptcy attorney who can tell you which type of filing will best meet your needs and your goals.

Source: FindLaw, "Chapter 13 vs. Chapter 7 Bankruptcy," accessed June 06, 2016

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Bryan P. Keenan & Associates, P.C.

993 Greentree Road
Suite 101
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