In an article published on November 9, 2018, on LendingTree.com, John Thomson is quoted regarding Chapter 13 bankruptcy filings and how they are often an important notification for borrowers.
“Almost all Chapter 13 filings are brought about by either repossession of a vehicle or threatened foreclosure of residence,” John explains. “It is often a wake-up call that borrowers have that they have to do something.”
The article discusses the main differences between Chapter 7 and 13 filings, and then lists out the process of filing and where fees and budgeting come into play. Since each state has its own bankruptcy statutes, it is important to consult with a licensed bankruptcy attorney in your state.