Chapter 13 Bankruptcy, Needs a Regular Income

January 27th, 2012

I filed chapter 13 bankruptcy recently. I never wanted to file a bankruptcy, but the situations made me do that. I am glad that I got the opportunity to file chapter 13 bankruptcy. Since I filed chapter 13 bankruptcy, I did not have to sacrifice any of my properties. The court set up a new monthly payment plan by deducting the interest rate. That interest rate was too high for me, to pay. I had to file the bankruptcy only for the interest rate. Now, I do not pay back the loan with any interest. Chapter 13 bankruptcy has allowed me to pay back only the main amount that I took as a loan. If anyone has a problem paying back a loan for a huge interest rate, he or she might consider filing chapter 13 bankruptcy. To be eligible to file chapter 13 bankruptcy, one has to have a regular income. That is all it requires.

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