Sometimes, there's no other option than to file bankruptcy. However, you should carefully consider the alternatives since bankruptcy can seriously impact your credit report, insurances, housing applications, employment opportunities, and more. In addition, bankruptcy will stay on your credit report for 10-years and you may have to continue disclosing it beyond that.
That all being said, still, sometimes it's your only option. If you are considering bankruptcy as an alternative, you should speak with a competent bankruptcy attorney. Save Source is not a debt relief agency pursuant to the Bankruptcy Abuse and Consumer Protection Act of 2005, 11 U.S.C. § 101, et. seq., and does not provide any bankruptcy assistance.
There are two common ways to file for bankruptcy - chapter 7 and chapter 13.
Chapter 7 is a liquidation bankruptcy, which means the trustee sells off all non-exempt assets held by the debtor (you) so that the debts can be repaid to the fullest extent possible. Chapter 13 bankruptcy is referred to as a reorganization bankruptcy. The goal of a chapter 13 bankruptcy is to reorganize (hence the name) your finances so that you would be able to repay most of your creditors.
Save Source is not a law firm and does not offer any legal, bankruptcy or tax advice or credit repair services. This information is only intended to provide you with knowledge about your options. Please speak with an attorney or tax advisor about any options that may involve bankruptcy, legal, or tax issues.
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