Reorganize your debt with Chapter 13 bankruptcy
When debts become too great to handle, it is not always easy to decide where to turn. So many debt relief options are not all they seem, and some could even leave you in a worse financial position than you were beforehand. However, even when it seems like all hope is lost, there is still support available, and bankruptcy may be the answer you seek.
There are various forms of bankruptcy and the one you choose largely depends on your situation. For example, while many people decide on Chapter 7, if your income is too high, you may not be eligible for that type of bankruptcy. Nevertheless, you can still wipe the slate clean with Chapter 13 and work toward a more financially stable future.
Chapter 13 works by allowing you to agree on a repayment plan, which usually covers a period of between three and five years. This should free you from being hounded by creditors and debt collectors and well as protecting your wages from garnishment. This means you repay your debts at a rate that you can manage, without forcing you to live beyond your means.
Filing for bankruptcy can seem like a big step to take, and the decision may be overwhelming at first. However, it is not something that you need to face alone, and there is support available to help you through the process. Our page on Chapter 13 bankruptcy may contain some of the answers you need to help you decide how to proceed. An lawyer could also be a valuable ally as you move forward with your plans. He or she may be able to support you through the bankruptcy process and help to ensure that you reach a fair resolution to your situation.