While Chapter 13 bankruptcy has its place in certain emergency situations, I am more and more convinced that Chapter 13 repayment plans are likely to be a waste of your time, money and efforts.

If you did not know this already, the bankruptcy laws in the United States were written by lobbyists working on behalf of lenders and banking interests.

Credit card companies and consumer lenders want you to exist in perpetual repayment status making minimum payments, paying late fees and regularly refinancing loans. They don't want you to default but they want to make it extremely difficult to escape recurring debt.

This same philosophy applies to filing #chapter13bankruptcy in the United States. If you have not yet seen it, take a look at comedian John Oliver's humerous analysis of how bankruptcy works here:    • Bankruptcy: Last Week Tonight with Jo...  

In most situations, Chapter 13 is designed to fail and currently fewer than one in three Chapter 13 plans actual succeed. Most fail within the first year or two, meaning that bankruptcy filer has put his life on hold and spent thousands of dollars delaying the inevitable.

In these cases a Chapter 7 liquidation could be a much better choice. #chapter7bankruptcy

Sometimes you have no choice but to file Chapter 13 if you need to stop a foreclosure or repossession. But before you sign on the dotted line have a heart to heart talk with your lawyer about whether you have a reasonable shot at sucess in this most difficult endeavor. #atlantabankruptcy

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Jonathan Ginsberg
Atlanta Bankruptcy Attorney
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