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Qualifying for bankruptcy

What Is A Chapter 7 Bankruptcy?

In today’s troubled economic times countless people are facing a wide variety of financial hardships. It can happen to anyone, no matter what your income or personal situation. Many times the financial hardship is caused by a disability, layoff, divorce, or simply just the cost of living outpacing the increase in income. If you find yourself drowning in debt, it is essential that you seek advice from an attorney who specializes in consumer bankruptcy to ensure that you learn about all your available options.

Does My Chapter 13 Payment Change With My Income?

The decision to file for bankruptcy is not one to take lightly. With the multiple bankruptcy plans available and the changes to bankruptcy law that occurred in 2005, it is important to be an informed about options from various scenarios. If you are considering filing for bankruptcy but have concerns about what may happen should your income change, here is an overview of the facts.

Chapter 13 is called the wage earner’s plan and allows people with a regular income to develop a plan for repayment of debt.  Even people who are self-employed can file for Chapter 13.