Is Chapter 13 a Better Option Than Debt Consolidation?
Is Chapter 13 a Better Option Than Debt Consolidation? Debt consolidation is of the things many of our clients consider before filing bankruptcy . And when some of them hear about Chapter 13 bankruptcy, they ask, "Well, why wouldn’t I just do debt consolidation then, and save my credit score ?
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In a debt consolidation program, many require the payment of the fees up front or take their fees from the payments made until they are paid in full; thus, the debts go unpaid and the interest and late fees accumulate. Overall, a Chapter 13 debt reorganization is better than an attempt at a debt consolidation or other similar service.
I have found that generally, in the majority of these cases, Chapter 13 may be the better option. With debt consolidation, you or your representative negotiates with each of your creditors to eliminate or, at least, lessen the burden of your debts.
There are limits on the amount of debt you can restructure with Chapter 13 bankruptcy as well. For example, the total amount of unsecured debt you can file for cannot exceed $394,725 for all of 2017 and 2018. Chapter 13 bankruptcy also highlights some of your debts as "priority debts." These debts must be repaid, and typically include expenses like taxes and the costs of bankruptcy proceedings.
“We wanted some authentic engagement from both sides so we could figure out some solutions to make the city work better. here file for Chapter 13 bankruptcy each year, in part to deal with the.
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Debt Consolidation vs. Bankruptcy: Which is Better?. Debt consolidation might also be an option on the table for you. Which one is the best answer for you, and what happens when you choose one?. chapter 7 and Chapter 13, named after the part of the law governing them.
The Chapter 13 waiting period is much shorter and can be as little as two years between filings. Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments and utility shut-offs, and debt collection activities.
But the reality is that debt consolidation is not for everyone and may be even be harmful to certain debtors. Below are a few reasons why Chapter 13 bankruptcy may be a better option than debt consolidation: Debt consolidation companies do not have the weight of the law backing them. While some debt consolidation companies have relationships with some financial institutions, they do not have any power to force creditors to consolidate your loans.