Many people have misconceptions regarding bankruptcy. There are some residents in Michigan who may believe filing Chapter 13 leads others to believe they have spent irresponsibly or not managed their money well. This is not always the case. Many individuals filing for Chapter 13 bankruptcy protections have fallen behind on paying their debt due to chronic illness, loss of a loved one or even due to loss of employment.
Public figures are not immune to filing bankruptcy. Even those in charge of decision making within cities and towns can become crippled by overwhelming debt. A city councilman from another state is currently experiencing just this situation. He has filed for Chapter 13 bankruptcy in order to avoid foreclosure on his home.
According to reports the councilman is determined to repay all of his debts through a restructuring plan. The plan will set repayment of his debt to end in five years. During this time, the councilman will be responsible for paying back credit cards, automobile loans and medical bills. As for his supporters in Baltimore, where he is a councilman, they have every confidence he is making a responsible decision in paying back his debt and will continue to serve the community in his capacity as councilman.
Filing Chapter 13 bankruptcy in Michigan may seem like a tough decision. However, this can be a new beginning for many people. Many filing for bankruptcy have a strong willingness to pay their debt and are seeking a responsible manner in which to handle their financial responsibilities. Chapter 13 bankruptcy is an option available to help them take back control of their economic life while laying the groundwork for a return to financial stability.
Source: The Baltimore Sun, “Councilman Curran files for personal bankruptcy,” Yvonne Wenger, Aug. 4, 2013