Not everyone with overwhelming debt fits the stereotype most people have in their minds. Many individuals and families who have substantial assets may be deeply in debt due to loss of income, divorce, medical issues or some other type of challenge. Some carry the burden of this difficult debt for too long.

Chapter 13 is a powerful tool for individuals and families who have found themselves in just such a situation. This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. It can help people stop foreclosure and repossession, resolve IRS issues and business debt, and address unsecured debt. Chapter 13 allows a debtor to keep property and pay debts over time through manageable repayment plans that last three to five years.

Chapter 13 can even help those that secured mortgage loan modifications in the past that they thought would help with debt, only to find themselves still in trouble.

It’s important to speak with a skilled and experienced bankruptcy attorney now to help you understand your options and how the bankruptcy process can provide you with the fresh start you deserve.