Dealing with ongoing financial problems is stressful, and filing for Chapter 7 or Chapter 13 bankruptcy can help. Chapter 7 wipes out qualifying debt fast, freeing you of credit card balances, medical bills, personal loans, and more in about four months. And the sooner you file, the more quickly your credit score will recover.
Chapter 13 works well if you're facing more complicated problems, such as home foreclosure or vehicle repossession, and you’d like to keep the property. You'll also file this chapter if you earn too much to qualify for Chapter 7. In Chapter 13, you use your earnings to pay essential debts, such as late mortgage payments, support arrearages, and recently-incurred tax obligations. Other creditors share whatever remains, if anything, and often receive only "pennies on the dollar."
Use this library of bankruptcy articles to learn more about Chapter 7 and Chapter 13 bankruptcy. Start by learning how each chapter works, as well as whether your debts will qualify for discharge and if you'll be able to keep or "exempt" property that's important to you. Then read about finding and hiring a bankruptcy lawyer. Partnering with a trusted bankruptcy attorney will bring you the peace of mind you need.
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