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By Melanie Tyler

By Melanie Tyler

Are you eligible for bankruptcy protection?
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21 February 2024

US Residents in Debt are Getting a Fresh Start by Using These Bankruptcy Options

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.


Bankruptcy eligibility varies on a number of factors such as your age group. Over 43,153 people have already checked if they are eligible, and it takes less than one minute to answer a few basic questions.


You can run an eligibility check for bankruptcy protection by selecting your age group:


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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