The process of filing bankruptcy is never a pleasurable experience, but knowing the advantages of Chapter 13 bankruptcy can help make the decision a bit easier. Having an experienced and knowledgeable attorney during this time will help you navigate your way through this difficult process. The following are a few of the benefits of filing with a Chapter 13 attorney in York instead of Chapter 7.
Keep More Property
Generally, when you file a chapter 13 bankruptcy the attorney you choose will file a list of your assets to the courts along with some claimed exemptions. The claimed exemptions will give more of an explanation why you need to keep certain assets and the reasons that they need to be shielded from your list of creditors. A chapter 7 bankruptcy rarely allows such exemptions, so if you have an asset such as a house or vehicle you need to keep, then you will definitely need to choose the chapter 13 filing.
Protect Your Business
If you have a business, filing chapter 7 bankruptcy will affect it in a very negative way. Filing chapter 13 bankruptcy assures that your business will not have to be closed during the bankruptcy proceedings and you get to keep all of your business assets. So if you have an established business that has an extensive client base and employees, chapter 13 bankruptcy will be the better option for you.
Repay tax debts and Satisfy Tax Liens
When choosing chapter 13 bankruptcy, you will also be able to repay current tax debt will zero interest added on, which will make it a lot easier on you. In some cases, the late fees and penalties you have accrued can be wiped out, so you should talk with your attorney to see if you’re eligible for such things.
If you find yourself in need of filing chapter 13 bankruptcy, you should give a call to the Law Offices of John M. Hyams.. They will be able to advise you of what type of bankruptcy is best for you and your unique situation. Call them or visit their website at pa-bankruptcy.com for more information.
