Bankruptcy

Bankruptcy helps get a fresh start.

 

Bankruptcy: When Is It the Right Choice

Let’s face it: no one wants to file bankruptcy. It should be a last resort, but can be very useful in the right situation. We all experience life’s ups and downs. Sometimes the downs are so deep that the next up isn’t enough to patch the hole.

The good part of filing bankruptcy is that it wipes the slate clean, providing a fresh start. The bad part is that it’s reported negatively on your credit report, which you can rebuild. Whether the good outweighs the bad depends on the circumstances. That’s why it makes sense to speak with a qualified experienced attorney.

Let’s take a closer look at the two “chapter” or flavors. There are two types from which to choose.

7 Chapter 7 involves no debt repayment, but people can lose some of their things. It’s intended for the debtor whose budget has no money left after household expenses.

READ MORE ABOUT CHAPTER 7

13 Chapter 13 is when you keep all your assets, but make a debt consolidation payment to the government. It’s mostly intended for people who have some money left after all the household bills are paid.

READ MORE ABOUT CHAPTER 13