When you are struggling financially even when you have a stable job, it is likely that you are ready for a big change in your life that will enable you to have a fresh start. One of the ways that you could go about doing this is through filing for bankruptcy.
If you are employed and you have a stable salary, filing for bankruptcy under Chapter 13 is something that you could consider. This bankruptcy chapter is often referred to as a wage earner's plan. It helps you take control of your finances by working to develop a feasible plan to pay your debts off over a period of time.
How can Chapter 13 be advantageous?
The biggest advantage of Chapter 13 is that it gives homeowners the possibility to go through the bankruptcy process and keep their homes.
What information needs to be included in a Chapter 13 filing?
The first thing that you must compile is a list of all the debts that you currently have, who they are owed to and what they are for. You need to also submit your salary, your employer and the frequency of your income, and a list of all of your significant assets. You should then establish a comprehensive list of all of your standard outgoings. This should include even small outgoings such as clothing and utilities.
If you are considering bankruptcy under Chapter 13, it is important that you consider very carefully how compatible it would be with your lifestyle and your future priorities.
Source: US Courts, "Chapter 13 Bankruptcy Basics," accessed March 16, 2018