When you find that you are not able to meet payments because of a hardship, then bankruptcy is the best way to help you get a new start in life. Many people who have lost their jobs, ran out of unemployment, or had a sudden illness are no longer to pay off their bills. You are being constantly hounded by collection agencies and you feel trapped. The best thing to do is to declare bankruptcy.
Looking at the Chapter 7 options
Chapter 7 Bankruptcy is usually the best one to declare. You need an attorney to help you. You want to make sure that all the paper work is filed correctly and that all your debtors are contacted a bankruptcy lawyer will be better able to help and make sure that this is all done. You are able to keep your home, car, and personal items. Usually all the other bills are closed and you won't have to worry about them. This leaves you free to start all over with a fresh slate. Chapter 7 Bankruptcy will take care of medical bills but it will not take care of any bills you owe on taxes or child support.
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Looking at the Chapter 13 options
Chapter 13 Bankruptcy will help you with your creditors but it will not pay off all your bills. The court decides how much you can pay. They will then consolidate all your bills and you pay the court system so much a month which they distribute to your debtors. Usually you only pay pennies on the dollars and the debtors are willing to take a settlement for much less than what you owe them. In any case taking bankruptcy can help you to get a new lease on life.
While there is a difference, you will find that the best route to take is by hiring a bankruptcy attorney. You will find that he/she is going to be able to help you with getting on the right path. Since every situation is different, Chapter 7 works for some, while Chapter 13 works for others.
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