What is Bankruptcy – Will it Work for You?

If you’ve ended up on this site, chances are you or someone you care about has more debt than they can handle. Most likely, your debt blew out of control because of something beyond your control – like a medical problem, job loss, divorce, or the most common – a bad economy. You might be feeling overwhelmed by your financial situation and unsure about the next steps. Maybe a close relative, friend, financial adviser, or even a lawyer suggested that bankruptcy is the best thing in the world for you. Maybe someone else suggested the complete opposite – that bankruptcy is a huge mistake and you shouldn’t do it because it will ruin your life forever.

This site is meant to help you sort through your options and choose the best strategy for you to deal with your debts. Equipped with this information, you’ll be ready to decide whether filing for Chapter 7 or Chapter 13 makes sense for you. Here you will find:
• Some ways to handle your debt problem, outside the bankruptcy system,
• The two different types of bankruptcy options available to consumers – Chapter 7 and Chapter 13,
• How filing for bankruptcy under Chapter 7 or Chapter 13 will affect your home, credit, and property,
• The procedures you’ll have to follow to file for bankruptcy,
• What paperwork you’ll have to complete to file for bankruptcy.
As you sort through all the lines of attack available to you, remember that you’re not alone in this. Last year, 1.4 million Americans filed for bankruptcy, so many more face financial challenges because of the economy that was supposed to have gotten better by now, and thousands of big companies have filed bankruptcy in the last few years. Although bankruptcy filings have dropped since last year, bankruptcy remains a necessary and pervasive part of our economic system. It may be the right thing for you.
Here are the things bankruptcy may be able to help you with:
• Stop creditor collection actions like foreclosure, wage garnishment, or bank levy,
• Wipe out all or most of your debt in a Chapter 7 while still keeping your home, car, and other necessary things, or
• Pay back some of your debts in affordable payments over three to five years in a Chapter 13.

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