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Chapter 13 bankruptcy can give you a handle on debt

The United States economy appears to be on the road to recovery, but it will likely be a long road, particularly for individuals with outstanding debt. Any number of factors can cause overwhelming debt, from unexpected employment loss to unforeseen medical issues. Unfortunately, some people in Waco may not file for bankruptcy to help them relieve their debt because they do not realize that they qualify. What you might not know is that there are different types of bankruptcy filings possible for your specific circumstances.

One common misconception for many individuals with a steady income is thinking that they might not qualify for bankruptcy. However, Chapter 13 bankruptcy is sometimes called a wage earner's plan because it allows people to come up with a debt payment plan based on steady income. An Indiana man recently filed for Chapter 13 bankruptcy, claiming assets of over $100,000 with a total debt of over $15,000, as well as two parties seeking unknown amounts in "unsecured nonpriority claims."

A case like this reminds us that bankruptcy is not just for people facing overwhelming debt that they cannot pay off. In this instance, the man filed for bankruptcy in an effort to adjust his debts and come up with a reasonable plan that will allow him to pay off his debts over a specified period of time. Texas residents can also take advantage of a bankruptcy filing, both to help them manage their debts and save them from creditor harassment.

Some of the added benefits of Chapter 13 bankruptcy include the legal protection offered from collection actions and creditors. Filing for Chapter 13 bankruptcy puts an automatic stay into effect that stops any efforts to collect money from the filer, as well as protecting the filer from things like foreclosure. If you'd like to get a stronger handle on your debt, you may be well served to contact a bankruptcy attorney in Waco. Chapter 13 bankruptcy might be the right option for you.

Source: Chesterton Tribune, "Elliot McCowan files for Chapter 13 bankruptcy," Kevin Nevers, April 25, 2014

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