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Chapter 13 Versus Debt Settlement Programs

Published December 3, 2021 by Sasser Law Firm

Have you wondered why you might consider filing a Chapter 13 Bankruptcy in comparison to entering into a debt settlement program? Here are a few factors to consider:

  1. Chapter 13 often offers a superior discount than you would receive in a debt settlement program. It is not always the case but is often true.
  2. Chapter 13 filings provide legal protections from foreclosures, lawsuits, collection calls,  garnishments, and levies. With debt settlement programs that is not necessarily the case.
  3. Chapter 13 has no tax consequences associated with discharging debt. Whereas there actually can be tax consequences associated with settling the debt for less than the full amount that is owed.
  4. Chapter 13 allows you to prioritize certain obligations like secured debt. This would include things such as your home or car, tax obligations, or domestic support obligations. These secured debts are actually going to be prioritized to the detriment of consumer debt whereas, in a debt settlement program, you’re actually going to be paying quite a lot of money just to deal with consumer unsecured debt.

Our firm is happy to discuss these matters with you and your options. We offer free consultations in person, over a video call, or over the phone. Our phone number is 919-319-7400 or find us online.

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