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Wage-earners benefit most from Chapter 13 bankruptcy

When most people think of bankruptcy, they probably think of a financial ruin in which they must sell their house and auction off their property to pay their debts. While this is rarely the case even in a Chapter 7 bankruptcy filing, it is seldom the case for those who file for Chapter 13 bankruptcy. Anyone is able to file for Chapter 13 bankruptcy as long as their unsecured debts do not exceed $360,475 and their secured debts do not exceed $1,081,400.

The catch, if you can call it that, with Chapter 13 bankruptcy is that many of your debts are not discharged like they would be in a Chapter 7 filing. You must still pay most or all of your debts back, but filing for Chapter 13 bankruptcy allows you to come up with a debt relief plan that lets you pay off the debts over a period of three-to-five years.

It is for this reason that many wage-earners can benefit greatly from a Chapter 13 bankruptcy filing. It does not require you to lose your assets, but it still offers debt relief by allowing you to make your debts more manageable. Oftentimes debtors are in a position where they could pay off the debt if they were only given more time. Chapter 13 allows you to do just that.

If you are struggling with debt, but know that you could manage your debt if you only had more time, visit our web page to see how we can help you with a Chapter 13 bankruptcy filing. Texas residents can schedule a free consultation to discuss their circumstances and find out if Chapter 13 bankruptcy is truly right for them. You could be on your way to debt relief in a matter of months.

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