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Is Chapter 13 Bankruptcy the right option for me?

The filing of chapter 13 bankruptcy can stop an imminent home foreclosure, vehicle repossession, and garnishment of wages. As a result of an "automatic stay" which occurs immediately after the bankruptcy is filed, creditors are prevented from taking any legal action in the event of a default on a mortgage or car payment. Chapter 13 is often a good option for people who are facing short-term financial setbacks or for someone who is faced with unexpected expenses, but still has the means to make the monthly payment as set forth in the repayment plan.

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