Hidden Costs of Chapter 13, Filing bankruptcy seems like an easy fix, but it can leave you worse off. The court-mandated repayment plan often sets unrealistically high payments that lead many to fail. A Chapter 13 bankruptcy also stays on your credit for 7-10 years, preventing loans or mortgages.
The Complexity of the Application Process
Categorizing Debts - Not All Debts Are Treated Equal
The Stigma on Your Credit Score
Is There a Better Way? The Case for Debt Settlement
Facing money problems is hard. Some people consider Chapter 13 bankruptcy as a solution, but it has challenges. There may be a better option: debt settlement.
If you have substantial debt, there’s help. Companies like Second Start Financial can assist you. They negotiate with your creditors to try to lower the amount owed. Many people have found debt settlement incredibly helpful. It aided them in eliminating debt in less than 3 years.