Why Debtors Choose Repayment, Not Liquidation Chapter 13 Bankruptcy, also known as a “wage earner’s plan,” allows individuals with regular income to develop a plan to repay all or part of their debts.  The repayment plan may include installment payments to creditors for a period of three to five years. If the debtor’s monthly income is less than the state median, the plan will be for three years unless the …Read More

Hundreds of thousands of Americans file for personal bankruptcy each year.  You might think, as I did, that most of them are a case of job loss or bad spending habits.  I’m sure that these are reasons.  However, the overwhelming reason for personal bankruptcy is medical bills. Just how big is the problem?  The American Journal of Medicine a few years ago reported that more than 3 out of 5 personal bankruptcies …Read More