A Chapter 13 bankruptcy, offers debtors the opportunity to escape insurmountable debts through a tightly-controlled debt-repayment plan over several years.
A lot of people are terrified at the idea of filing for bankruptcy, for a number of reasons.
Not so long ago, businesses had responsibilities toward employees that existed well into retirement. Workers would often stay with the same company their entire adult life and retire with a pension, sponsored both by an employer and by current employees at the company. Unfortunately, modern capitalism has effectively done away with the vast majority of pension programs.