Why Debtors Fail Chapter 13 Bankruptcy - A lot of people are asking the same question now, since bankruptcy numbers are skyrocketing. (In fact, there are more people declaring bankruptcy now than there were during the Great Depression). That is, most people want to know why debtors fail. Chapter 13 bankruptcy exists for debtors who have failed, but who still want to pay off their debts. In fact, for debtors who don’t want to fail, chapter 13 is a much better option than chapter 7, as you can still pay off your debts, and will not have as bad of a credit rating as you will if you go for a chapter 7 bankruptcy.
The question as to why debtors fail is very interesting, and usually the answer is simply poor planning. In fact, most debt problems would not be as bad as they are (and might not even exist) if the debtors planned ahead better, and were more careful with their payments. After all, most people initially get into debt when they have too many credit card bills. If you plan to only have one credit card, then you may be able to avoid getting into debt this way.
There are other issues that are not within the control of the debtor, as well. For example, unexpectedly losing your job, or the unexpected addition of a new baby to the family can stretch earnings further than was initially planned. Another issue is that if somebody in the family becomes ill, then some of the money that would have gone toward paying off bills might have to go toward that illness. All of these are reasons why debtors fail. Chapter 13 bankruptcy is the best option for a lot of people, especially those whose primary debts are mortgages or car payments. With chapter 13 bankruptcy, you may still be able to pay off these bills and keep your house or car.
In any case, it’s important to look at all of the factors if you’re trying to determine why debtors fail. Chapter 13 bankruptcy numbers may give a good indication of how many people are failing, but the only way to really understand why is to look at all of the factors surrounding these bankruptcies. However, even though it’s difficult to know why debtors fail, you can still use these failed debtor’s experiences to keep yourself from failing.
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