Capter 13 compared to traditional debt consolidation-The Bankruptcy Law Offices of Mark S. Zuckerberg, P.C.

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The Force Of Law:
The other types of loan consolidations lack the power to dictate what the creditors are entitled to be paid. These programs, especially credit counseling repayment plans, merely "ask" the creditor to lower the interest rates. Forget about lowering the principal balance owed. For instance, credit counseling repayment plans are "voluntary" for your creditors, and any creditor can decide, at any time, to stop participating, regardless of what position this leaves you in. Bankruptcy law...on the other hand... is Federal law. Creditors are told what to do and how and when to do it. Creditors that fail to comply with Bankruptcy law can be hauled in front of the Bankruptcy Court and punished. Chapter 13 bankruptcies are a type of "debt consolidation" allowing you to reorganize your finances by consolidating your debts into one monthly payment. Chapter 13, however, should not be confused with other types of debt consolidation programs....such a consolidation loans from a bank or finance company OR credit counseling payment plans. Chapter 13 has the power of the Federal Bankruptcy Code behind it, and provides many advantages for people seeking debt relief:

Chapter 13 compared topics:

The Automatic Stay

Includes Most Types of Debt

Drastically Reduced Total Amount of Debt

The Force Of Law

Definite Time Period

No Interest or Late Fees

Attorney Working in Your Best Interests

Protects Equity

Pays Your Most Important Bills First

Debts Are Eliminated If The Creditor Doesn't File A Proof Of Claim

Does NOT Put Other Types Of Property In Jeopardy

Call the Bankruptcy Law Offices of Mark S. Zuckerberg, P.C.
Call today for a FREE Debt Consultation.
Call toll free 1-800-779-3900.