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Chapter 13 can help wage earners with debts

Not all bankruptcy involves massive blows to your credit score, loss of certain assets or long-term financial issues. In fact, if handled properly, a bankruptcy filing can be exactly what you need to help you gain a fresh financial start and regain control of your life, without any negative side effects at all. This is especially true if you have a significant income that would allow you to pay off your debts given a few years.

There are certainly some individuals who are unable to repay their debts and must sell some of their assets in order to regain financial stability. However, there are also many individuals who can pay their debts, but can only afford the minimum payments or have difficulties paying for other things because of their debts. These individuals could benefit from Chapter 13 bankruptcy.

Chapter 13 bankruptcy is not what most people imagine when they think of bankruptcy. Instead of discharging debts completely and auctioning off assets to break even, Chapter 13 bankruptcy does not discharge debts at all and still requires the filer to pay off the debts. However, filing for Chapter 13 bankruptcy allows individuals to come up with a debt repayment plan so that they can more efficiently manage their debt repayments over the next few years.

Because it allows individuals to more efficiently repay their debts, Chapter 13 bankruptcy is a fantastic debt relief option for individuals who earn a steady income but simply cannot seem to get ahead on their debts. If you live in Texas, and you believe that Chapter 13 bankruptcy may be able to help you, visit our webpage to learn how we can help you gain the most from a bankruptcy filing.

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