It’s not all the time that people are financially stable with a steady job or business to support them and their families. Certain circumstances lead them to drain their personal savings and go into debt such as losing a job, going through divorce or their business going bankrupt.
If you’re one of those facing debt and having difficulty paying your dues despite having a regular job, filing for Chapter 13 bankruptcy can be your best option. This is if you have already exhausted all means to help you settle your debt.
In the U.S., 35 percent of Americans have unpaid bills and debts according to a research done by the Urban Institute. Their unpaid bills include those for credit cards and hospital expenses while their debts are caused by failure to make timely payments for mortgages, auto loans, student loans, gym memberships and cellphone contracts among others.