Chapter 13 Bankruptcy is most often exercised by individuals seeking to preserve their home ownership when at risk of foreclosure. However, it can equally be utilized to prevent repossession of a motor vehicle, or if a debtor has too much income and/or assets to qualify for a full elimination of their debts via a Chapter 7.
Additionally, if you have previously filed for Chapter 7 protection and received a Discharge, at least eight (8) years must elapse before you can potentially file another Chapter 7. So those individuals who subsequently encounter debt related issues within that duration can only opt to file a Chapter 13.
Bankruptcy is a complex area of legal practice, and particularly Chapter 13 proceedings. So it is always advisable to have a proper consultation with appropriate legal counsel who can effectively assess your financial circumstances and determine which type of Bankruptcy may apply.
So if you wish to discuss your available Bankruptcy options, then please contact us at (216) 691-7800.