In life, as well as in finances, there are very few circumstances that could be properly called a “win-win.” As such, it is normal to be wary of promises of a win-win solution, especially in terms of eliminating your debt.
But, if you are a Minnesota resident with steady income and the ability to make affordable payments, you can eliminate your debt fast with Chapter 13 bankruptcy. Truly a win-win situation, Chapter 13 allows you to eliminate your debt without losing your home, car, or other assets you love.To find out more about how Chapter 13 bankruptcy can help Minnesota residents eliminate debt, stop creditor harassment, keep your house and car, and get your life back fast, read on!
As you know by now, Chapter 13 bankruptcy eliminates your debt. But what does that mean, exactly?
There are two types of debt: secured and unsecured. Secured debts get their name from the fact that the loan is secured by collateral—the mortgage on your home, for example—that can be seized and sold by your creditors in the event that you default on your payments. Unsecured debts are the opposite—no collateral is needed to secure the financing—and are commonly made up of credit card, medical, and other types of debt. The latter of these (unsecured debt) can be consolidated into one debt amount via Chapter 13 bankruptcy. Then, a repayment plan will begin where the payments are based on your income and what you can afford. Your repayment plan will continue for a period of 3-5 years (depending on the individual circumstances of your case) and at the end of your repayment period, any remaining unsecured debt you have left is discharged—erased, eliminated, wiped away—forever!
Chapter 13 bankruptcy is a great way to not only eliminate your debt, but also eliminate some of the worst side effects of being in debt.
The burden of unpaid bills can take a toll on your family; the stress and uncertainty of financial insecurity can cause a significant negative impact on the daily lives of yourself and those around you. With constant calls, letters, and emails from creditors, you may begin to feel like a small fish in the middle of a shark feeding frenzy – while your creditors want to devour what little you have, you have few options to regain the security you once had.
But, with Chapter 13 bankruptcy, the moment you file your bankruptcy petition is the moment the creditor harassment stops: no more phone calls, letters, or emails from creditors! You can finally have the peace and quiet you deserve once your creditors are put on notice that you have filed for Chapter 13 bankruptcy.
As if the stress of unpaid bills wasn’t enough to hold your life hostage, many individuals who are struggling with debt are also in danger of losing their home. Foreclosure can be one of the most difficult times in a family’s life: leaving behind memories, neighbors, and an area you love because of financial difficulties can make hard times much harder.
Thankfully, with Chapter 13 bankruptcy you can keep your home from being seized by creditors. And, with the easy repayment plan, you can be back on track with your mortgage payments fast! You also won’t need to worry about your car being repossessed or losing other big-ticket items: you can continue to enjoy your RV, boat, and other purchases as long as you make your payments.
Now that you understand all the amazing benefits of Chapter 13 bankruptcy—eliminating your debt and stopping creditor harassment all while continuing to enjoy your home and car—your next step is to find an amazing bankruptcy law firm to help you on your journey to regain financial security.
Kain & Scott is Minnesota’s leading bankruptcy law firm; we specialize in bankruptcy (it’s all we do!) and have almost 50 years of experience helping Minnesota families just like yours eliminate their debt fast. And with affordable flat rates, free initial consultations, and our 100% Money Back Guarantee, filing bankruptcy with Kain & Scott is truly a win-win debt solution!
For more information on Chapter 13 bankruptcy, as well as our FREE 90 Day Credit Repair Program, visit us online at www.kainscott.com today to schedule your free initial consultation.