Paying of debt is a struggle for many people. Having a job with regular income and still not being able to make payments is extremely frustrating. It may seem like you can never catch up. Daily living expenses hold you back from being able to chip away at your debt. You worry about making the house payment and keeping the car. Keeping a sense of security and normalcy means that some bills are not getting paid.
Chapter 13 bankruptcy may be your best option
Filing for Chapter 13 bankruptcy allows you to reorganize your debts and take control of your finances. Under Chapter 13 debtors develop a plan, to repay their debts within a certain time frame. It is known as the “wage earner’s plan “ because it enables people in debt to earn income and keep important possessions such as homes and cars while paying back creditors.
Chapter 13 – Bankruptcy Basics
A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause.” read full article here
Take control of your debt and get your life back by calling our law office today! We specialize in in personal bankruptcy and can help you rebuild your life by developing a repayment plan that will help eliminate your burden of debt. Our friendly staff is always here to help 781-277-0411. You can also find more information at our local yelp listing here.