What Is an Atlanta, GA Chapter 13 Bankruptcy and What Are Its Advantages?

Understanding Chapter 13 Bankruptcy

An Atlanta, Chapter 13 bankruptcy program provides an individual with an opportunity to reorganize their financial situations while still under bankruptcy court’s protection. It enables individuals with regular income sources to propose a plan through which they’ll clear their debts with various creditors. Roswell, GA can be seen here.

What Are the Advantages of Chapter13 Bankruptcy?

Helps with The Foreclosure

Chapter 13 bankruptcy saves your home from being auctioned. Under ordinary circumstances, banks require borrowers to pay back their loans once they’re due. From the date the case is filed, past payments are broken down and paid back over the life of chapter 13 bankruptcy plan. This allows the borrower to avoid foreclosure as long as they can make payments from the date the case is filed. Click here to read about What to Expect from A Professional Atlanta, GA Bankruptcy Attorney.

It Helps in The Loan Modification

An Atlanta chapter 13 bankruptcy helps the borrower dictate terms to their lenders in which they want to pay their past-dues. The lender may lower your payment, extend the length of your loan, and reduce the loan interest rates. Galler Law LLC has been in the industry for more than 30 years, and our team of professionals will always be at your service whenever you need chapter 13 bankruptcy services.

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