When people have a lot of bills that they need to pay every month, it is very easy for things to get out of control. Although they may have thought they would have been able to cover all of these payments without running into any issues, many people have found themselves stressed out and panicked because their debt has done nothing but grow and become overwhelming. Fortunately, their specific type of financial troubles may mean they qualify for bankruptcy.
The following are common reasons people file for Chapter 13:
- They want to keep their home or business.
- They need to modify payments for their vehicle.
- They need to eliminate their second mortgage.
- They are making payments, but can’t keep up despite their efforts.
Over time, it is easy for people to increase their debt as they take on student loans, credit cards and more. Many, who have a high amount of debt may be reluctant to file for bankruptcy. Some people may believe that they can figure out a plan to get out of debt that doesn’t involve filing for bankruptcy, but when you go for too long, things can just get worse. Chapter 13 has many benefits and many people who file have found themselves with a manageable debt repayment plan.
If your debt is piling up and you need relief, don’t hesitate to take advantage of your options. Chapter 13 may be able to help you get better control of your bills and keep you from being stressed. It is worth considering. An attorney can help you with the filing process and answer any questions you may have about bankruptcy and debt relief.