Bankruptcy is often referred to as the debt relief option of last resort. While it's true that filing bankruptcy can often be avoided if alternatives make sense for your set of financial circumstances, there are also time where bankruptcy can be viewed as the option of first resort. Once you better understand chapter 7 and chapter 13 bankruptcy and how they may be the optimal choice for you to get through the tough financial spot you are in, then you are prepared to weigh whether other debt relief options are better suited to you needs and goals. Bankruptcy is not something to fear.

Chapter 7 bankruptcy as an affordable path to clear bad debts is certainly not deserving of the bad press it gets. Speaking with a bankruptcy attorney is the best way to get the details you need. You can reach one by dialing the number on the screen. You can also review the many resources about bankruptcy found on this section of our site.

Chapter 13 provides you a repayment plan lasting 3 or 5 years (mostly 5). A chapter 13 gives you the ability to say to your creditors, "Sit down over there, shut up, and I will be with you in a moment". You have the courts protection during your repayment plan. After calculating your income and debts beside your allowable expenses, what's left will be used to pay your debts. If your chapter 13 plan only pays 60% of your debts over the life of the plan, than that is what creditors get. Your creditors cannot pursue you for the rest if you complete your chapter 13.

Speaking with a bankruptcy attorney is the best way to get the details you need. You can reach one by dialing the number on the screen. You can also review the many resources about bankruptcy found on this section of our site.