Chapter 13 protects your house, your car, and other assets.
Filing chapter 13 will stop a sheriff sale or stop a car repossession immediately. You will have an opportunity to catch up on your back payments by spreading out your payments over 3 or 5 years … Even when your creditors do not want to negotiate with you. While you are under chapter 13 bankruptcy protection, your creditors are prohibited from contacting you. Your assets are safe.
Even if you are not saving a house or a car, filing chapter 13 is valuable if you have a lot of unsecured debt and you do not qualify for chapter 7. Under chapter 13 you will pay what you can afford under bankruptcy law. Filing chapter 13 will stop creditors from harassing , suing, or taking your assets.