November 6th, 2009 by Reed Allmand 
Most debtors considering bankruptcy hope that they will qualify for Chapter 7 bankruptcy; but if they don’t they can become very disappointed. If you are unable to qualify for Chapter 7 bankruptcy, don’t despair. Although discharging all of your debt in Chapter 7 bankruptcy has it benefits, Chapter 13 bankruptcy also offers its own set of excellent benefits for debtors:
- Chapter 13 bankruptcy will allow debtors to make reduced payments which can amount to a much lower percentage of what they pay now.
- Chapter 13 bankruptcy still offers automatic stay protection, which stops creditors from taking collection actions against you while you’re in bankruptcy.
- Chapter 13 bankruptcy simplifies repayment of debts by allowing the debtor to make one easy payment which will be distributed to creditors.
- Chapter 13 bankruptcy allows debtors an opportunity to repay delinquent debt over a 3 to 5 year period, free from creditor harassment and threats.
- Chapter 13 bankruptcy only remains on your credit for 7 years.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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