HAVING financial troubles can be very stressful. It is one of the leading causes of divorce. If you are overwhelmed by debt and you are having trouble providing for your basic needs, Bankruptcy may be an option. Chapter 7 Bankruptcy allows a person to discharge (not pay back) certain debts that you will never able to pay, even if you worked for the rest of your life and you lived to be 150 years old. Chapter 13 Bankruptcy, also known as a wage earner plan, allows someone to pay the most important debts (house payment, car payment, etc) but keep other creditors at bay so you can pay your everyday expenses. If you finish the plan, you can receive a discharge of unsecured debts, like credit cards, medical bills, lawsuits, garnishments, etc.
THERE are many things to think about when considering filing Bankruptcy. Don't let a firm push you into a Chapter 13 plan when what you really need is relief under Chapter 7. Fees in Chapter 13 are higher over the length of the plan and some firms steer as many people as possible into a Chapter 13 plan because it generates more fees for the attorney and the Chapter 13 trustee. Make sure that what the firm is recommending is best for you and your family. YOU ARE IN CONTROL!