Understanding the ins and outs of bankruptcy law can be a daunting task for the average citizen.

This is why Fard and Company recently announced “Escape the Debt Trap,” a new book on Chapter 13 bankruptcy, according to a June 5 busbyway.com article.

Chapter 13 bankruptcy, which is the second-most common form of bankruptcy in the U.S., allows individuals to reorganize and consolidate their debts into a manageable repayment plan. Under a Chapter 13 bankruptcy, one can hold on to their assets and possessions, unlike a Chapter 7 bankruptcy.

The debt trap, the book explains, is what happens when an individual has to resort to taking out more loans to be able to afford debt payments, or using a credit card to make one’s debt payments. This creates a cycle of increasing debt that is virtually impossible to escape unless one files for a Chapter 13 bankruptcy.

“Escape the Debt Trap” was written to educate people on the benefits of debt consolidation under Chapter 13 bankruptcy, according to the busybyway.com article.

“Debt consolidation is an effective way to pay off all your heavy-interest credit card balances by combining all your debts into a single payment,” the article says. “Once that is done, the borrower just has to make a single monthly payment.”