Best Foreclosure Lawyers in Hamilton, NJ

Understanding Chapter 13 Bankruptcy and Its Impact on Your Job If you are struggling with debt, it can be overwhelming and might even leave you feeling hopeless. However, there are options available to you, such as filing for bankruptcy. While chapter 7 bankruptcy is often the first option that comes to mind, chapter 13 bankruptcy can also be a viable solution for those who have a steady income and want to repay their debts over time. In this blog, we’ll explore what chapter 13 bankruptcy is, how it can affect your job, and the benefits of filing for it. What is Chapter 13 Bankruptcy? Chapter 13 bankruptcy is also known as a “wage earner’s plan.” It allows an individual with a regular income to create and follow a repayment plan that lasts for three to five years. The goal of this plan is to repay some or all of their debts in an affordable manner. In order to qualify for chapter 13 bankruptcy, an individual must have a steady income that is enough to pay for their necessary living expenses and a portion of their debts. This can be a good option for those who have assets they want to protect, want to avoid liquidating their assets in chapter 7, or are not eligible for chapter 7 due to previously filing for bankruptcy. Will Filing for Chapter 13 Bankruptcy Affect My Job? One of the biggest concerns individuals have when considering filing for bankruptcy is whether it will affect their job.