When filing for bankruptcy, it can be difficult to know which bankruptcy is the right one to choose. Chapter 13 bankruptcy can be very beneficial to someone who would like time to reorganize his or her finances while still retaining personal assets.

Chapter 13 bankruptcy has many advantages. One such advantage is that Chapter 13 bankruptcy allows the filer to avoid foreclosure on their home. Chapter 13 bankruptcy can stop a foreclosure in its tracks and allow the filer to have time schedule payments. Known as an automatic stay, stops are put on foreclosures and collection efforts made by creditors, so that bankruptcy filers can retain their assets.

Another advantage of Chapter 13 bankruptcy is that it can help eliminate a second mortgage, if the value of the home has depreciated to an amount less than what was owed on the first mortgage. This can be a huge help to homeowners who are struggling with two mortgages.

If you are facing financial trouble and need help deciding if Chapter 13 bankruptcy is right for you, please contact the Chapter 13 bankruptcy attorneys Arizona of the Harmon Law Office, LLC, at 480-829-0494.