2024

Who Might Need Chapter 13 Bankruptcy?

Bankruptcy is a legal procedure enabling individuals or businesses to reorganize or discharge their debts. Although Chapter 7 bankruptcy, known for liquidating assets to settle debts, is widely recognized, another bankruptcy type is known as Chapter 13. This form of bankruptcy is also known as a "wage earner's plan" and allows individuals with regular income to create a repayment plan to pay off their debts over several years. In this blog, we will discuss who might benefit from filing for Chapter 13 bankruptcy.