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Assemblywoman explains bankruptcy in open letter

Florida residents who have a lot of outstanding debts but still earn a regular income may decide to file for Chapter 13 bankruptcy. A state assemblywoman from New York published an open letter Aug. 2 explaining why she and her husband had chosen to file for Chapter 13 bankruptcy.

The Democratic assemblywoman released the details of her financial struggles and bankruptcy filing after she saw a report about her finances in New York Daily News Aug. 1. The assemblywoman said that the news report contained 'hurtful insinuations," and she wanted to explain the circumstances that led to her bankruptcy filing. She denied allegations that she had personally profited from a non-profit organization that she used to run.

According to the assemblywoman, her family's financial problems began when she was diagnosed with breast cancer and her mother was diagnosed with pancreatic cancer in 2006. After three surgeries that resulted in breast removal, the assemblywoman was left feeling very ill. Her husband was seriously injured on the job in 2012, and he could not return to work. Shortly afterwards, the couple's home was destroyed during Hurricane Sandy.

Chapter 13 bankruptcy can be a good financial solution for people who have experienced some unexpected financial setbacks but still have regular income. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not require debtors to liquidate their most valuable assets to pay off creditors. Instead, debtors agree to a repayment plan that can be carried out over a few years. The payments that a person will make in a Chapter 13 bankruptcy plan will depend on their monthly income and expenses.

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