The dilemma of debt has many people confused about what to do. Of course each person's situation is a bit different, but the common problem of how to handle the debt is the same. There are two chapters of bankruptcy for a person to consider. Read the following to see which one might fit for you.
The very first thing to check is what is your states median income for filling bankruptcy is. The new laws that went into place a few years ago put limits on which type of bankruptcy a person or family could file for depending on their income. This will determine which chapter of bankruptcy you can file. Many people will find that they will only have one choice, chapter 13. Again, this is due to the income limits that was decided for by the state you live in.
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If you are under the limits then you have a choice of filing for chapter 7 or 13.
Things to consider
Your age Credit Score (chapter 7 stays on credit file for 10 years, chapter 13 for 7 years) Debt burden Exhausted all options for debt relief Lifestyle changes Major purchases in the future Your health
When you are under the extreme pressure of debt any relief looks good, but consider the consciences after you get relief from a bankruptcy. Bankruptcy doesn't mean your a bad person, but it will definitely impact some areas of your life going forward if your not prepared for those lifestyle changes.
If you have no other option than chapter 13 because of your income level your path is pretty clear. The court will implement a 3-5 year repayment plan based on their charts and after that all unpaid debt will be discharged. If your income situation changes during this plan there are ways to convert to a chapter 7 and get immediate discharge of debt. Make sure you get all the facts from your local lawyer concerning your states rules before you sign on the dotted line.
These are just a few things to consider.
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