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Even the big companies can fall!
Hostess files for Chapter 11.
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Hiring was up in December. Great for the economy, but there may be other consequences.
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CHAPTER 13 BANKRUPTCY
A Chapter 13 may be a better solution for you for several reasons. In some cases a chapter 7 bankruptcy may not provide all the relief that you need in order to get you out of debt. Chapter 7 is not necessarily the best solution for everybody. While it is always better to consult an attorney to see what options are best for you, some indicators that a chapter 13 might be in order are:
- You owe certain kinds of debts that cannot be discharged, but require a restructuring of your financial situation.
- You make too much money to file for bankruptcy under Chapter 7.
- You have significant equity in real property or other items.
- You want, and can afford to, repay at least a portion of your debt to your creditors.
- You have secured loans at a rate that is unaffordable (because of credit problems in the past).
- You have under secured loans that may need to be avoided or removed.
A chapter 13 bankruptcy is a significant undertaking. Filing for Chapter 13 requires that you undertaking a multiyear repayment plan in order to receive the benefits of a chapter 13 discharge. The potential benefit of a chapter 13, is that you get to keep most of your property regardless of equity and you may get to remove some of your secured debt.
Chapter 13 is not for everybody. There are some significant requirements to participate in a chapter 13 case. If you are interested in discussing whether a Chapter 13 case is a good move for you, please contact us or fill out our evaluation form.