I just read an economic survey indicating that there probably never was an economic recovery and this is not an ordinary recession. The article indicated that despite the amount of time, taxpayer dollars, and governmental effort pumped into our economy, the results are just not there.
The mortgage modification program is a complete disaster, despite promises of relief for homeowners, the Federal Reserve reports that only a very few are getting relief. People are still losing their homes. The number of families filing bankruptcy increases every year.

As I have discussed previously at the National Bankruptcy Forum, a Chapter 13 Bankruptcy is also called a wage earner’s Plan. It enables people with jobs to develop a plan to repay all or part of their debts when they’re having trouble. Under chapter 13, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor ’s current monthly income is less than their state’s average, the repayment plan will generally be for three years.

In most consumer bankruptcy cases, the discharge of debts is the primary reason for filing the case. Whether the bankruptcy is motivated by overwhelming credit card debt, medical bills that are simply too much or some other issue, most debtors anxiously await the discharge and the chance to start over that it provides. The timing of the discharge varies from case to case. 

When an individual is considering filing for bankruptcy they often want to know whether their corporation should file as well.