As more and more people find themselves filing for bankruptcy protection, even some of our nation's lawmakers are opting for some form of bankruptcy.

One such lawmaker filed for Chapter 13 bankruptcy protection earlier this month. Although he is not speaking publicly about his financial struggles, a peek at the bankruptcy petition filed in Rhode Island reveals the true state of his affairs. As of February of this year, he and his wife claimed to be $242,731 in debt despite having a combined income of $105,000 and a monthly payment of $6,000.

Although the pair listed many creditors in their bankruptcy filing, one of their primary creditors is the holder of their mortgage loan. The couple listed a debt of $11,000 to the bank. However, the bank claims that the couple is actually behind $31,000 on their mortgage payments.

By filing for Chapter 13 bankruptcy, the couple hopes to keep their most valuable assets by restructuring their debts. They will be given between three to five years to pay back their creditors, depending on their current and future finances.

If you are thinking about filing for bankruptcy, Chapter 13 may be right for you. To learn more, contact a Houston Chapter 13 lawyer from our legal team now to become aware of your financial options.