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Chapter 13 bankruptcy protects family home

Financial disaster can strike without warning. Suddenly, something happens and one's financial picture becomes bleak. Concerns regarding how to pay the bills and protect the Kentucky family home loom in the back of one's mind. For some, Chapter 13 bankruptcy is the answer.

At times, small-business owners can find themselves at odds with the IRS. Several years ago, the IRS audited one small business owner and declared that she owed thousands of dollars from deductions that it claimed were not legitimate. As a result of this audit and its financial implications, she became concerned that her family home could be in jeopardy.

In an effort to protect her home, this business owner and her husband filed for Chapter 13 bankruptcy. While this form of bankruptcy did not relieve the couple of their debts, it did allow them to establish a reasonable time period for paying them and protected their home from possible foreclosure. The tax debt has now been paid, and this small-business owner is now able to move on with her life.

Some business owners may express concern about the effects a bankruptcy can have on both their business and personal lives. However, many find that it actually protects their family and their important assets. Additionally, they are able to develop a plan in which their debts are paid.

The average Kentucky family has a limited amount of income out of which they must meet their family budget. Unexpected bills can devastate that budget. If this happens, Chapter 13 bankruptcy may be the solution.

Source: journalnow.com, "Judge candidate says financial issues not relevant", Lisa O'Donnell, Nov. 2, 2016

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