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Bankruptcy was designed to resolve debt and stop collections.
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Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy
You've probably heard about the different bankruptcy chapters, but what could they mean for you?
Chapter 7 Bankruptcy
If you want to eliminate unsecured debt like credit cards, payday loans, some personal loans, utility and medical debt, filing Chapter 7 bankruptcy may be an option for you.
Chapter 7 bankruptcy is usually a viable option for people with lots of unsecured debt and little income coming in; however, not everyone can file Chapter 7 to discharge their debt. If you want to file Chapter 7, you will have to take the Chapter 7 means test to see if you qualify to file.
The means test is less like a test and more like a formula that determines whether your income is low enough to get your debts discharged. There are two steps to the means test:
First Step: Compares your income to the median income in your state. Generally, if you "pass" the first step, you don't have to do the second step.
Second Step: Compares your disposable income and your unsecured debt.
Discover your state median income then talk to a lawyer to see if you qualify to file bankruptcy under Chapter 7.
Keep in mind, if you don't "pass" the means test, you may still be able to file Chapter 13 bankruptcy and work to repay your debt (interest-free) over time.
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Chapter 13 Bankruptcy
If you're facing foreclosure or looking for an interest-free repayment plan, Chapter 13 bankruptcy may be the right choice for you.
Under Chapter 13 bankruptcy, the court places you on an interest-free payment plan. If you make all payments on time, you may qualify to discharge your remaining unsecured debt at the end of the plan.
Chapter 13 bankruptcy is typically an option for people who have steady income, but also have lots of unsecured debt and debt tied to property they don't want to lose (like a house).
In many cases, Chapter 13 bankruptcy can even stop foreclosure proceedings.
Speak With a Local Bankruptcy Lawyer Today for Free
Not sure whether filing bankruptcy is a good option for you? Want to learn more about Chapter 7 and 13 bankruptcy?
If you're in debt and looking for a way out, a bankruptcy lawyer may help you make a better-informed decision.
Speak with one of our sponsoring bankruptcy lawyers today. It's free.
Filing Bankruptcy is Not as Uncommon as You May Think
Every day, people just like you decide to file for bankruptcy.
With this economy, bankruptcy just doesn't hold that old stigma it may have had a decade ago. Most of us are struggling with debt--and many of us have lost income thanks to the economy.
Bankruptcy laws have helped millions of Americans get out of debt. They've also helped people stop creditor harassment through the bankruptcy automatic stay.
If you're tired of creditors calling at all hours and you're looking for relief, ask a local bankruptcy attorney whether filing bankruptcy could help you.
What Happens After Bankruptcy?
If you're thinking about filing bankruptcy, you're probably wondering how bankruptcy affects credit.
It's true that bankruptcy stays on a credit report for up to 10 years (maybe less depending on which type of bankruptcy is filed), but once the slate is essentially "wiped clean" after a successful bankruptcy filing, people can instantly start rebuilding their credit.
In fact, many people even gain stronger credit scores after filing bankruptcy because their old debt is gone and they can start fresh.
Think about it--you're credit probably wasn't that great to begin with. Bankruptcy was designed to clear debt to give people a fresh chance.
Ask a Bankruptcy Lawyer if the Bankruptcy Laws Could Help You
If you have questions about bankruptcy laws or you have general questions about eliminating debt, a bankruptcy lawyer may be able to help you.
Connect to a local bankruptcy attorney—for free—by filling out the below free bankruptcy evaluation form.
The bankruptcy court doesn't have to be a scary place--in fact, many people find it's helped them through one of the most difficult times in their lives. See if it could help you.
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