Filing for bankruptcy can be a daunting decision to make, especially if you have a job or other assets at stake. Chapter 13 bankruptcy is often considered a better option for those who have a steady income but are unable to repay their debts. In this blog post, we will discuss what chapter 13 bankruptcy is, how it can affect your job, and the benefits of filing for it.

Understanding Chapter 13 Bankruptcy



Chapter 13 bankruptcy is also known as reorganization bankruptcy. It is a type of bankruptcy that allows individuals with a steady income (such as a job) to repay their debts over a 3 to 5-year period. Unlike chapter 7 bankruptcy, which liquidates your assets to pay off your debts, chapter 13 bankruptcy allows you to keep your assets while you repay your debts.

Will Filing for Chapter 13 Bankruptcy Affect My Job?

Filing for chapter 13 bankruptcy should not affect your job in any way. This is because bankruptcy is a legal process that does not interfere with your employment status. Your employer will not be informed of your bankruptcy unless you choose to tell them. However, it is important to note that if your job is based on security clearance or financial integrity, your employer may have access to your credit report, which will show your bankruptcy filing.

Benefits of Filing for Chapter 13 Bankruptcy

There are several benefits to filing for chapter 13 bankruptcy, including:

1. Repayment Plan - Chapter 13 bankruptcy allows you to repay your debts over a 3 to 5-year period, which can make your payments more manageable.

2. Asset Protection - Unlike chapter 7 bankruptcy, chapter 13 bankruptcy allows you to keep your assets while you repay your debts.

3. Avoiding Foreclosure - Chapter 13 bankruptcy can help you avoid foreclosure by allowing you to catch up on missed mortgage payments through your repayment plan.

4. Debt Discharge - After completing your repayment plan, any remaining unsecured debt (such as credit card debt) may be discharged.

At The Boone Firm, P.C. We Can Assist the Georgia Public with Bankruptcy Matters

At The Boone Firm, P.C., we understand that bankruptcy can be overwhelming. That's why we offer personalized guidance and support to help you through the process. Our experienced bankruptcy attorneys can help you understand your options and make informed decisions about your financial future. If you're considering filing for bankruptcy, don't hesitate to contact us for a free consultation.

In summary, chapter 13 bankruptcy is a form of reorganization bankruptcy that allows individuals with a steady income to repay their debts over a 3 to 5-year period. Filing for chapter 13 bankruptcy should not affect your job, but it is important to keep in mind that your bankruptcy filing may be visible on your credit report. The benefits of filing for chapter 13 bankruptcy include a more manageable repayment plan, asset protection, avoiding foreclosure, and debt discharge. If you're considering filing for bankruptcy in Georgia, The Boone Firm, P.C. can assist you with the process. Contact us today for a free consultation.