Are you struggling to make ends meet and facing mounting debt? If so, you’re not alone. Many Americans are burdened with debt that they simply can’t pay off on their own. Fortunately, there is a solution: Chapter 13 bankruptcy.

Chapter 13 bankruptcy is a form of bankruptcy that allows you to restructure your debts into a manageable payment plan. This can help you get back on track financially and regain control of your finances. Here are some of the benefits of Chapter 13 bankruptcy:

1. Stop Foreclosure: If you’re facing foreclosure, filing for Chapter 13 bankruptcy can stop the process and give you time to catch up on missed payments. Your mortgage arrears can be included in your repayment plan.
2. Protect Your Property: Chapter 13 bankruptcy allows you to keep your property, including your home and car. You can include your secured debts in your repayment plan, which will allow you to catch up on missed payments and keep your property.
3. Lower Monthly Payments: Your repayment plan will be based on your income and expenses, which means that you may be able to lower your monthly payments. This can help you free up money to pay for other living expenses.
4. Debt Discharge: At the end of your repayment plan, any remaining unsecured debts will be discharged, meaning that you will no longer owe them. This can provide a fresh start and help you move forward with your finances.

If you’re considering filing for Chapter 13 bankruptcy, it’s important to work with an experienced bankruptcy attorney who can guide you through the process. At Pryor Mandelup LLP, we have helped many clients in Long Island and beyond get back on track financially through bankruptcy. Contact us today to schedule a consultation and learn more about your options.