Life can get expensive in a hurry. Many people today live paycheck to paycheck because the cost of living is so high in relation to their incomes. While this may sustain many for a time period, if anything unexpected happens, it can send a person’s financial situation into a skid. Declaring Chapter 13 can help to get those suffering under the weight of debts a fresh financial start.
Chapter 13 is a chapter of bankruptcy that allows for the consolidation of debts under a repayment plan. Debts could have been accumulated personally, or accumulated under a business. They may be credit card debts, mortgages, student loans or even automobile loans. Essentially, just about any type of outstanding debt can potentially be consolidated under Chapter 13.
Many suffering under the weight of unbearable debt want to stop the harassment that sometimes occurs by creditors. People often want to pay back their debts, but are unsure how, due to their current financial situations. Lynch Law Offices PC has helped many clients regain control over their finances by using Chapter 13 bankruptcy as a tool, among other financial consolidation options. It’s possible that certain portions of unpaid debt could even be discharged after a certain amount is paid.
Outstanding debts can happen to anyone. The difference is how one attempts to rectify his or her current financial situation. Some describe debt as a dark hole that seems to get deeper and deeper as the debts mount. Consider digging yourself out by finding a repayment or consolidation plan like Chapter 13 that can get you back on track.