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Facing an overwhelming amount of debt can change your life. It can lead to threats of foreclosure on your home, loss of your personal vehicle and even garnishment of your wages. If you find yourself in this type of situation, you may consider the many benefits of consumer bankruptcy. Depending on the nature of your debts and your income levels, Chapter 13 bankruptcy may be the best choice to both help you confront your debt and keep your home.

Chapter 13 is an option for Florida residents who are struggling to keep up with mortgage payments and other types of secured debt. It is also a choice for people who may not be eligible for Chapter 7. This process takes a period of three to five years and requires the court-approved reorganization of most debt. The consolidated balance of debt will be paid off by the applicant, who will emerge from the bankruptcy process with most debts discharged.

This bankruptcy option may be right for you if you are behind on your mortgage, receiving threats of foreclosure and need time to catch up from the late bills and increasing interest rates. Once the bankruptcy process is initiated, an automatic stay is initiated. This stops all creditor harassment and shields the consumer from further pressure from collectors while navigating the bankruptcy process.

Some Florida residents, including you, may not consider bankruptcy to be a viable option. In reality, Chapter 13 could be a smart and organized way by which you can confront your debt. You may be behind and overwhelmed, but you do not have to lose your home or other valuable assets.