Overcoming debt can be one of life's greatest challenges. Many individuals have debts they just can't afford to pay.
If you are tired of fighting the endless battle to pay-off your debt, bankruptcy may be a great solution for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy provides debt relief to those who are experiencing a financial hardship. In order to qualify to file under this chapter, you must meet the income eligibility requirement. If your income is below the applicable "median income" level, then you are eligible to file for Chapter 7 bankruptcy.
If your income is above the applicable "median income" level, your may still be eligible to file for Chapter 7 if you can pass the "means test."
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to become debt-free by repaying your debt through an installment plan over a fixed period of time (three or five years). Different factors determine the type of Chapter 13 plan that is available to a particular individual. An important goal of any Chapter 13 bankruptcy case is to obtain a payment plan with reasonable terms.
You won't lose your assets in Chapter 13 bankruptcy. Chapter 13 bankruptcy protects assets such as real estate, vehicles, and savings.
Stop the Creditors
A bankruptcy filing will put an end to:
- collection calls
- credit litigation
- foreclosure actions
- car repossessions
- foreclosure lawsuits
- utility shut-off