What You Should Know about Chapter 13 Bankruptcy
In the United States, individuals struggling to meet their debt obligations have a number of different options for resolving these financial problems. One of the most common options that people choose is to file for bankruptcy. However, many people do not understand the differences between the various forms of personal bankruptcy that they may be able to pursue.
Chapter 13 bankruptcy is one of the most common types of bankruptcy that an individual can pursue. As such, lawyer Ryan J. Ruehle, LLC, believes it is important for anyone in Cincinnati who is considering bankruptcy to better understand this option, including the process and its benefits.
Important Information about Chapter 13 Bankruptcy
When you are considering filing for Chapter 13 bankruptcy, there are many complexities and nuances that you should be aware of. Some of the most important include the following:
- Chapter 13 bankruptcy can stop the foreclosure process
- Chapter 13 bankruptcy requires the creation of a reasonable plan for repayment
- Each applicable debt must be addressed in the repayment plan
- Some debts may be discharged after the repayment period expires
- Chapter 13 does not have an eligibility requirement
These are just some of the things that debtors should be aware of before deciding to pursue Chapter 13 bankruptcy.
Talk to a Chapter 13 Bankruptcy Attorney in Cincinnati
If you would like to pursue Chapter 13 bankruptcy or just want to know more about it, call (513) 621-0999 today. Attorney Ryan J. Ruehle, LLC, has spent years helping people in similar financial situations successfully utilize Chapter 13 bankruptcy to get back on their feet financially, and may be able to do the same for you.