During these uncertain times, many hard-working Americans find themselves overwhelmed by financial problems. It can happen to the best of people, no matter what tax bracket they qualify for. If you or anyone you know find yourself in these circumstances, it is crucial that all options of relief are considered. However, most people find that filing for Chapter 7 bankruptcy is the best alternative for financial relief.
How It Works
The decision to file for bankruptcy is not one to take lightly. With the multiple bankruptcy plans available and the changes to bankruptcy law that occurred in 2005, it is important to be an informed about options from various scenarios. If you are considering filing for bankruptcy but have concerns about what may happen should your income change, here is an overview of the facts.
Chapter 13 is called the wage earner’s plan and allows people with a regular income to develop a plan for repayment of debt. Even people who are self-employed can file for Chapter 13.