Posts Tagged ‘Chapter 13 Options’
I often have clients who are concerned that if they don’t
“qualify” for a Chapter 7, they don’t want to do a
bankruptcy at all. Perhaps they don’t qualify due to
higher income, or due to a previous Chapter 7 filing in the
last eight years. These clients have a vague idea of what a
Chapter 13 bankruptcy is – a repayment plan – and don’t
feel it’s “worth” doing a bankruptcy if they have to
pay their creditors. Isn’t that why they are seeing a
lawyer in the first place, because they cannot afford to pay
the creditors? Chapter 13 bankruptcies can be difficult, so
I understand the hesitation. But before making a decision a
person should know more about what a Chapter 13 Bankruptcy
actually is, and also how to weigh that option against his
current situation.