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Wage earners can benefit from bankruptcy too

Bankruptcy can be a very scary concept, not only because it comes with a negative connotation of financial ruin, but also because there are so many different types of bankruptcy filings that people may not know where to start. Texans are a proud bunch, so the first thing that you should know is that bankruptcy does not mean financial ruin or failure. First and foremost, bankruptcy is a debt relief option that helps people manage debt that would otherwise be extremely difficult or impossible to pay off.

While some types of bankruptcy may require you to forfeit some of your assets in order to pay off your debts, there are also bankruptcy options that are designed to work around your income and your budget. Chapter 7 bankruptcy is sometimes known as liquidation, and it is this filing that may liquidate some of your unprotected assets. If you have a steady income and simply need more time to pay off your debt, you might be interested to hear about Chapter 13 bankruptcy.

A Chapter 13 bankruptcy plan is sometimes known as a wage-earner plan because it is for individuals that make enough money to pay off their debt eventually, but maybe not as fast as some creditors would like. What Chapter 13 allows you to do is come up with a debt repayment plan that gives you a monthly payment based on your income so that you can pay your debts off in the next three to five years. Best of all, you retain all of your assets.

The benefits of a Chapter 13 bankruptcy filing don't stop at debt repayment. A Chapter 13 filing also protects filers from foreclosure and stops creditor harassment. Texas residents who are struggling with debt can choose bankruptcy to help manage it. It's not failure; it's relief.

Source: South Bend Tribune, "Bankruptcies," June 15, 2014

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