Are you considering filing for bankruptcy? In these tough economic times, some people may have no other options, or even if they do, they may feel the detriment caused to their credit score is worth it. Bankruptcy law, chapter 7 or 13, are the two options available to individuals who need the financial do-over that bankruptcy can offer.
Bankruptcy law, chapter 7 or chapter 13, can indeed provide relief from bill collectors and help some folks who find themselves in a financial bind whereby they are unable to meet their monthly obligations. Before you decide to file bankruptcy, however, you would be well advised to look into all the finer points of the laws. Although bankruptcy court is a federal court, there are differences in what's allowable from state to state. The rules differ significantly, and where you live can make a big difference in how you approach your financial decisions.
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You should also not expect to be in for an easy ride; bankruptcy law chapter 7 is generally available for only those who make less than a certain amount of money as compared to others in their state; chapter 13 does not "erase" debt, but instead, reorganizes it, so most people who file chapter 13 still have to repay most or at least part of their debt, but the bankruptcy remains on the credit history. In addition, no matter which type of bankruptcy for which you qualify, you will be expected to provide several years worth of financial records, and the court will look deeply at your personal financial information.
There are lots of books, Internet sites, credit counseling groups, and attorneys who can help you look into the matter further. Be sure to do your homework.
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