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Earning a wage doesn't mean you can't benefit from bankruptcy

When people think of bankruptcy, they often think of it as a failure. They imagine having to sell of their life’s work to pay off debts that have been looming over them for years and years and never regaining their financial footing again. It may surprise you to learn that this is rarely, if ever, the case. Each bankruptcy is different, and depending on your circumstances, bankruptcy can be a valuable tool to help you managed your financial strains.

Chapter 13 bankruptcy is not the most common bankruptcy filing, but this does not mean that it is a bad or useless option. Chapter 13 bankruptcy is a form of debt relief that allows debtors who are earning a wage to come up with a plan to pay off their debts over a three to five year period. This means that you do not have to sell of your assets, and you don’t really have to sacrifice anything to take advantage of the filing. It simply allows you to reorganize your debt and pay it back in a manageable way.

You may be wondering why you would file for Chapter 13 bankruptcy if you are earning enough to pay off your debts, and the answer is again because each bankruptcy is different. You may be earning enough money to pay off your debts, but depending on how much your debt payments are, you may be left with little disposable income to purchase necessities such as groceries or gas. A Chapter 13 filing allows you to manage your income against your debt, and it also protects you from things like creditor harassment and foreclosure.

If you are considering filing for bankruptcy, it is highly recommended that you consult with an attorney who is familiar with the law in your state. Because the law varies by state, Texas residents are encouraged to visit our webpage to find out how we can help navigate through bankruptcy proceedings.

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