Bankruptcy is the legal method for you to discharge or relieve your debt. While no one is guaranteed to wipe out all debt, many debtors are given such relief. The goal is to lift the weight of oppressive debt and provide you with a fresh start.
There are some challenges. First, the plan is extended over 3 to 5 years, so that means 3 to 5 years’ worth of income are tied up in repayment. Some workers are ineligible for Chapter 13 such as stock and commodities brokers. Lastly, Chapter 13 candidates cannot owe more than $1 million.