Yusra3
VIP Contributor
You may have heard of bankruptcy before, but you may not have known that there are many different types of bankruptcies.
Bankruptcy is an option if you have trouble making payments on your debt or have accumulated too much debt. You can file a Chapter 7 bankruptcy if you are unable to pay back a certain amount of money within the time frame that the court has set for you to do so, as well as any other kinds of debts that you may owe. If filing for bankruptcy sounds like something you want to avoid, there are alternatives to consider first.
Chapter 13 Bankruptcy: This type of bankruptcy involves repaying some or all of your unsecured debts over 3-5 years. If this sounds like something that might work for you, talk with an attorney about what options would be best for your situation before filing a chapter 13 bankruptcy.
Chapter 11 Bankruptcy: This is another alternative to consider when filing for bankruptcy because it allows for reorganization and restructuring of debt without having to pay it all off right away. It does not allow for discharge (getting rid of) unsecured debts such as credit cards or medical bills etc..
Chapter 7: This is an option if you have little or no income and have debts that total more than $1,000. It will wipe out most of your unsecured debts and allow you to keep property that you have owned before you filed for bankruptcy.
Other Alternatives To Consider: There are other ways to get out from under debt besides going through Chapter 7 or 13 bankruptcy proceedings. Some options include negotiating with creditors or even asking for a discharge instead of filing for bankruptcy altogether (though this may not be possible in some cases).
Bankruptcy is an option if you have trouble making payments on your debt or have accumulated too much debt. You can file a Chapter 7 bankruptcy if you are unable to pay back a certain amount of money within the time frame that the court has set for you to do so, as well as any other kinds of debts that you may owe. If filing for bankruptcy sounds like something you want to avoid, there are alternatives to consider first.
Chapter 13 Bankruptcy: This type of bankruptcy involves repaying some or all of your unsecured debts over 3-5 years. If this sounds like something that might work for you, talk with an attorney about what options would be best for your situation before filing a chapter 13 bankruptcy.
Chapter 11 Bankruptcy: This is another alternative to consider when filing for bankruptcy because it allows for reorganization and restructuring of debt without having to pay it all off right away. It does not allow for discharge (getting rid of) unsecured debts such as credit cards or medical bills etc..
Chapter 7: This is an option if you have little or no income and have debts that total more than $1,000. It will wipe out most of your unsecured debts and allow you to keep property that you have owned before you filed for bankruptcy.
Other Alternatives To Consider: There are other ways to get out from under debt besides going through Chapter 7 or 13 bankruptcy proceedings. Some options include negotiating with creditors or even asking for a discharge instead of filing for bankruptcy altogether (though this may not be possible in some cases).
