With the economy in the United States being in the worst shape since the great depression it isn't surprising to see many people in dire straights financially. The surprising fact about this reality is just exactly how many American families have been burdened to the breaking point and are now teetering on the verge of total economic collapse; this number today is in the tens of millions of families. With the collapse of the housing market in 1998 the shock waves that have traveled through the economy has been like a tsunami wantonly picking up and carrying with it millions of American families along with their hopes and dreams. The numbers of jobs dependent on the housing and financial services industries, including banking, that have been completely wiped out by the collapse, brought on by the mismanagement of the wall street firms entrusted with the financial security of America, has been staggering. The numbers of the families dependent on those industries and the millions of jobs they provided them have left millions of families all but destitute in the wake of the financial collapse. A quick survey of their personal finances is all these families need to realize they need immediate relief. This is where a chapter 13 bankruptcy filing can be the answer.
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With a chapter 13 filing all actions by creditors cease. Foreclosures and repossessions are put on hold until the filing and court action by the bankruptcy trustee is completed; this gives the person filing the bankruptcy time to assess their situation and plan for the future. Unlike a chapter 7 filing a chapter 13 bankruptcy comprises a fresh start with a scheduled repayment of all of the debts under court supervision. Prior to the repayment process all creditors are notified and allowed time to submit their objections, if any, to the actions being contemplated by the court and the trustee. Once the filings are completed the individual or family is on a five-year repayment plan.
In the bankruptcy there are three types of debts or claims, they are priority, secured and unsecured. Priority claims include the fees for filing with a local attorney and all federal and state taxes. Secured claims are debts that are associated with any physical assets that are used as collateral for a loan or debt such as a car or home and then there are unsecured debts, which are signature loans and credit cards. Once the trustee sets the payment plan in motion for all approved debt repayments all repossessions and attachments are halted and the debtors are secured from further harm and damage. As long as the payments are made for the time period allotted by the debtors and all payments are made in a timely manner to the trustee any and all actions against the debtor are suspended. While this is not a perfect solution it is one avenue that many individuals can take to try and get back on their feet in these times of financial distress.
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