Hawaii Chapter 13 Bankruptcy Attorneys

Chapter 13 is a section of the Bankruptcy Code that helps individuals who want to eventually repay their creditors but are facing financial difficulty. This type of bankruptcy is the best option for those who are interested in personal debt relief and want to establish a plan for financial reorganization and restructuring. Personal bankruptcy lawyers from the Affinity Law Group, LLLC in Hawaii discuss the benefits of filing Chapter 13 bankruptcy for financial reorganization under US law.

Benefits of Chapter 13

Under Chapter 13 personal bankruptcy, a person is able to retain certain assets of theirs that would generally be liquidated under Chapter 7. In most Chapter 13 cases, an individual can keep his/her home and car under his/her individual plan as long as the equity does not exceed certain limits.

Chapter 13 bankruptcy is also known as a "personal" or "reorganization" bankruptcy. It is generally filed by people who wish to pay off their debts over a period of years. Chapter 13 bankruptcy is usually best for those who have non-exempt property that they want to keep and who have income sufficient enough to pay their expenses with some money left over to start paying off their various debts.

Chapter 13 bankruptcy protects individuals from creditors, allows them to keep their personal property and real estate and provides people the chance to repay their debts through certain reduced payments. Under Chapter 13 it also takes individuals less time to rebuild their credit.

Filing for Chapter 13 bankruptcy is an ideal situation for those who want a more personal and individualized bankruptcy experience. If you need help repaying your debts, but need to leave the option of possibly filing for Chapter 7 in the future, Chapter 13 is the right choice.

If you think Chapter 13 is the right option for you, contact a bankruptcy attorney today.

Call the Hawaii bankruptcy lawyers at the Affinity Law Group in Honolulu to learn if Chapter 13 is the best direction for you and your family. We can be reached at 808.545.4600, or by completing our contact attorneys web form.