Bankruptcy

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Help! I am considering chapter 13 for my debts

This thread will help you get all the answers to your queries. Please read all the posts to get an overview of the situations and the different debt solutions that you have in front of you.

I have recently filed Chapter 7, but it hasn't been long enough to determine what kind of long term effects it may have, such as the ones you are referring to. I know that some potential employers do run a credit check, but not all of them do. And I'm not sure if a Chapter 13 would necessarily disqualify you for employment, even if they did. It would probably depend on the employer.

Chapter 13 is not an easy road, but it's also not impossible if you set your mind to it.

The main thing to keep in mind is that your income will be reduced by the payment you have to give to the Chapter 13 plan - for 3 to 5 years. You have to REALISTICALLY determine beforehand if you can deal with this income reduction, if any emergencies arise in that 3-5 years.

This is the reason many Chapter 13's fail - the consumer doesn't realize how big an effect the reduction in income will have on their day to day lives and the ability to support their family.