Bankruptcy
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Bankruptcy is like hitting the reset button on your finances when you’re struggling to manage debts. It’s a legal process that helps individuals and businesses get relief from overwhelming debt by either restructuring their finances or having some debts forgiven.
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Types of bankruptcy
There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13. Chapter 7 is like a quicker, simpler way to start fresh. It wipes away most debts, but you might have to give up some property. Chapter 13 is more like a payment plan. You can keep your property, but you’ll have to pay back some or all of your debts over time.
Chapter 7
Chapter 7 bankruptcy, often called “liquidation bankruptcy,” is a legal process that can help those in debt eliminate certain types of debt and get a fresh financial start. Here’s what you need to know about Chapter 7:
Chapter 13
Chapter 13 bankruptcy, often known as “reorganization bankruptcy,” is a legal process designed to help individual debtors create a manageable repayment plan for their debts. Here’s a breakdown of Chapter 13:
