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Reliable income? Consider Chapter 13 bankruptcy

Many people think that you have to have hit rock bottom in order to benefit from bankruptcy, that you must be unemployed, drowning in debt and financially cornered with no other way out. While bankruptcy is certainly an option for people who are bordering on financial ruin, it can also be a useful option for people who would simply like to reduce their debts. Even if you have a steady, reliable income, you could still benefit from bankruptcy.

This idea about bankruptcy often comes from the confusion about the different bankruptcy options. Many people are unaware that there are multiple types of bankruptcy filings, and a Chapter 13 bankruptcy filing can help certain couples take advantage of the benefits of bankruptcy without risking any of their assets. Unlike Chapter 7 bankruptcy, Chapter 13 involves repaying debts based on income and financial stability, instead of simply selling assets to make up the owed money.

When you file for Chapter 13 bankruptcy, you essentially come up with a plan to pay off your debts over the next few years, making monthly payments to reduce the debt slowly. Upon filing for Chapter 13, you will gain many of the benefits of bankruptcy, such as stopping foreclosure on your home, and at the end of the allotted time frame, many of your debts will be discharged.

What is perhaps most important to remember about Chapter 13 bankruptcy is that you do not have to have a certain amount of debt in order to file. Simply put: if you are struggling with debt in any capacity, you may wish to consider Chapter 13 bankruptcy. Texas residents are encouraged to visit our webpage to learn more about Chapter 13, as well as how we can help them in filing.

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