The bankruptcy numbers in America are troubling. According to statistics from the United States Courts, 767,721 people filed for consumer bankruptcy in 2017. If you are experiencing financial troubles, it is clear you are not alone.
If you are thinking about possibly filing for bankruptcy, you may be wondering what type of bankruptcy filing might suit your specific needs. Many people who file for personal bankruptcy protection do so through either a Chapter 7 or a Chapter 13 bankruptcy filing, but there are some important distinctions between the two types.
Chapter 13 bankruptcy is a solution many people seek when confronted with a burden of debt they cannot repay. This option is also referred to as a wage earner's plan because it is tailored to individuals with regular income who need to restructure their debt payment plan. According to statistics from the United States Courts, filings for Chapter 13 appear to be decreasing, but these three tips are still important.