A Look At Things That Can Prevent Filing Chapter 7 Bankruptcy
In a lot of aspects, chapter 7 is the preferred way for common consumers to file bankruptcy. You pretty much get a fresh start because your debts are discharged, which means you get the opportunity to get out of the debt you are in and move on with the rest of your life. Even though chapter 7 bankruptcy may be one of the more common types of bankruptcy filed in the United States, it is also not fitting for every situation.
Why Would Someone File Chapter 13 Instead Of Chapter 7?
If you compare Chapter 7 bankruptcy to Chapter 13, you might instantly assume that Chapter 7 is the best option, as it offers a way to totally eliminate credit card debts. While Chapter 7 is beneficial in many situations, it is not always the best option, nor is it always even an option people could use. Here are some of the top reasons people file Chapter 13 instead of Chapter 7, and this will help you understand why Chapter 7 is not always the best choice.
Should You File For Bankruptcy?
Bankruptcy is a way to relieve yourself of your debts when you aren’t able to pay them back. Not being able to pay your debts can happen for a number of reasons. A divorce, unexpected medical costs, or even a job loss can all contribute to the cause of not being able to pay back your debts. Filing for bankruptcy may or may not be for you. Read on for further information regarding bankruptcy to see if it is right for you.