Many people struggle with debt and once the debt gets out of hand it can be hard to keep it from spiraling out of control. When debt gets too much for people to manage, they may seek a way to reduce their bills and get out from under their debt. According to this YouTube video, one option for people in this sort of situation is known as Chapter 13 Bankruptcy. This video discusses the basics of filing for bankruptcy under this code offering and what all that process entails.
Chapter 13 is often known as the personal bankruptcy code, as there are also bankruptcy codes that are designed for businesses and corporations.
This chapter of the bankruptcy code offers individuals a way to lower their debts when they still have the income to pay off a debt but are unable to meet the full pay-off requirements of the debt. Chapter 13 allows a debtor to keep the property and pay debts over time, so they are not forced to sell their home or car or give up their paychecks to pay off the debt. Chapter 13 bankruptcy attorneys can help negotiate pay-off terms, which are usually three to five years.
