Chapter 13 filings are at an all time high.
Chapter 13 is where “… debtors propose a repayment plan to make installments to creditors over three to five years.”
Chapter 7 is where all debt is wiped off. This is a lot more strict. Most people will not be able to file for Chapter 7.
The Time has written an article about record bankruptcy filings. Read more in this article.
Filing for Chapter 13 costs money and time. We provide debt negotiations to help reduce your debt from 40% – 50%. Chapter 13 does not provide such features nor will it provide you with income protection.