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When you hear the word “bankruptcy,” you might automatically think of unmanageable debt and a ruined credit score. However, Greg Dunn Bankruptcy and Debt Relief Attorney in Honolulu, HI, wants you to know filing a Chapter 13 bankruptcy is a good way to accomplish certain financial goals. To understand how this option might work in your favor, continue reading.

When Filing a Chapter 13 Bankruptcy Is a Good Thing

To Save a Home or Nonexempt Assets

Like filing for Chapter 7 bankruptcy, filing under Chapter 13 stops foreclosures. For individuals with a steady income, this plan can be their ticket to catching up on back payments and keeping their home. This bankruptcy option also protects nonexempt assets, such as vacation homes, rental properties, or second vehicles.

When You Can’t File Chapter 7 Bankruptcy

Chapter 13 bankruptcyIndividuals who need to file for bankruptcy but have an income that is too high to pass the means test can file under Chapter 13 and receive the court’s protection. The same option applies to people who received a Chapter 7 bankruptcy discharge less than eight years ago.

You Owe Student Loans or Back Taxes

Generally, debts such as student loans, past-due income taxes, and child or spousal support payments are not eligible for discharge under Chapter 7. Under a Chapter 13 bankruptcy payment plan, a plan is worked out with your attorney for reduced monthly payments, easing individuals’ burdens and getting them back on a solid financial footing.

Since 1988, Greg Dunn Bankruptcy and Debt Relief Attorney has represented clients in more than 12,000 Chapter 7 and Chapter 13 bankruptcy cases. His skill, dedication, and compassion give individuals the confidence and support they need to weather their financial storms. When you want to discuss bankruptcy as an option to relieve your financial burdens, contact this experienced lawyer. Visit his website and Facebook page for more information about his services now, and call (808) 524-4529 to make a confidential consultation appointment.

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