Income Limits and Bankruptcy

Persons who are used to making higher salaries and taking home larger monthly paychecks may find themselves in serious financial struggles, even though it may be hard for others to understand or believe. When it comes to money and financial planning, even people who seem to have no issues with money may find it hard to pay their bills and maintain responsibility for their debts.

Financial strife can be caused by many different factors and can strike people who have high salaries as well as individuals working for low hourly wages. The market and flow of business can easily cause a person's cash flow to rise and fall dramatically. If a company is forced to close it's doors or lay off employees, persons who were used to making large salaries may just as easily find themselves standing in the unemployment line as others further down the corporate ladder.

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Events such as the death of a spouse, serious injury and medical costs, layoffs and other expenses can quickly cause a person to lose control of his or her debts and may plunge them into a serious financial crisis. If he or she does not find alternate sources of income or a new job, the person may become delinquent on important payments and may face repossession, foreclosure, and other negative consequences.

Although some people may have exacerbated the difficult situation by exercising unhealthy spending habits or over-stretching their financial boundaries, many people find themselves in such situations through no fault of their own. If the individual is unable to make ends meet, he or she may be forced to file for bankruptcy to protect important assets or to help establish regular payments to his or her creditors.

Persons with a higher salary may consider filing for Chapter 13 bankruptcy, which may allow them to make payments to a designated trustee. Once the payment has been made, the trustee is in charge of distributing funds to the persons' creditors to help satisfy the debts. This form of bankruptcy typically lasts for two to five years and can help people emerge from debt in a responsible fashion. As with other types of bankruptcy procedures, the results of the Chapter 13 filing stay with the person on his or her credit report for a period of seven years following the completion date.

For more information on high income limits and bankruptcy protection, visit the website of the Austin bankruptcy attorneys of Slater Kennon & Jameson, LLP.

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