Bankruptcy is the declaration that a debtor does not have sufficient funds to pay their creditors and can have large ramifications. There are different types of bankruptcy – Chapter 7, Chapter 11, and Chapter 13, to name a few, and they all represent different processes. Chapter 7 bankruptcy is the most common, where you liquidate your assets in order to pay creditors. Chapter 13 is different, mainly used to bring loans current to avoid losing personal property or to pay taxes. Continue reading →

Although bankruptcy is often the best choice for people with debt problems, it is not always the case. It is beneficial to look through the options before deciding which debt remedy is best for you. Bankruptcy has many benefits, but it is also very permanent; as a result, at least looking into the other options can be worthwhile.

The first step in beginning the process of fixing debt is knowing your situation. It will help you – and come in handy in later steps – if you make a list of your incomes, expenses, assets and debts. That way you can know how manageable your current situation is and what remedies may work best. Continue reading →

The different types of bankruptcy filings have different advantages for different people. Although the Chapter 13 bankruptcy filing process is complicated, it may offer greater benefits to you in the long term than Chapter 7 bankruptcy. Continue reading →