I filed chapter 13 bankruptcy recently. I must admit chapter 13 bankruptcy has saved me from being in a real trouble. I took a loan some years ago. At the beginning, I used to pay back the loan in time. After a year, I had a massive loss in my business. I was unable to pay back the monthly installment that I used to pay. I talked to a lawyer. He suggested that I should file chapter 13 bankruptcy. I applied to a court to let me allow filing chapter 13 bankruptcy. Thank god, the court allowed me to file that. That means I do not have to pay any interest toward the loan. I have been given a new monthly payment plan to pay back to the creditor. Many bankruptcy laws ask to give all the properties to the creditor. However, chapter 13 bankruptcy does not require any properties to be given to the creditor. This is the beauty of this bankruptcy law.
January 26, 2012
