Filing for bankruptcy is a major decision, one that may seem complicated when you’re loaded down with debt. Many people know that bankruptcy is an option when they are unable to pay their bills, but they don’t know what they should do. There is a way to get your life and finances back on track and step onto the path to financial freedom.

 

One of the first things you should know is that every year over one million Americans choose the path of bankruptcy to help them get out of a difficult financial situation. This can completely eliminate credit card bills, medical bills, foreclosure process, wage garnishment and creditor harassment. It will allow you to keep you home, your car, your wages and your furniture.

 

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Different Types of Bankruptcy

Bankruptcy is not a single process. There are different types of bankruptcy, and you may qualify for more than one. You must decide which one will best help you meet your goals.

 

Chapter 7 Bankruptcy

Chapter 7 is the choice for many because it is completed faster – often within 180 days. It is also ideal for people who have limited income or no income and very few assets. The person will go to court to request that all unsecured debts be discharged. To qualify for this type of bankruptcy, the person must be under the median income for the state where they live. They must not be able to pay back the debt with their income.

 

Chapter 13 Bankruptcy

This type of bankruptcy is different from what you might expect. It is commonly thought that bankruptcy means you don’t have to pay your bills. However, with Chapter 13 bankruptcy, you do pay back what you owe. The difference is it is paid in manageable terms.

 

Bankruptcy is just like any other information on your credit history. As it ages, it will have less of an impact. It also allows you to have a fresh start with your bills so that you can move forward with your life. Just make sure you talk to someone who knows the ins and outs of bankruptcy so that you can make the right decision about what is best for you.

 

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