Chapter 13 Instead of Credit Counseling
There is this couple that a couple years ago the husband took a major cut in pay. During a four month period of unemployment they ran up the credit cards they had. When he finally got the job he has it was for less money the credit cards finally got behind and then the late fees started. He started a part time job and they signed up with one of the credit counseling companies to put all the credit cards into the plan. The payment was 1300 a month, which is what he was making form the second job. After a year of this he could no longer work the second job. They have not been able to make the payment to counseling company and now have fallen behind on their cars.
The chapter 13 bankruptcy will put his two cars and the 55,ooo of credit card debt into the plan. The payment to the trustee will be less than what his car payments alone were. This plan is affordable with out him killing himself and time away from the family by working the second job.
No one wants to file a bankruptcy but if your income has changed to the point of not being able to pay your bills the same way as before, you should talk to a bankruptcy attorney to see how the bankruptcy laws can help you.
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