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Understand how bankruptcy might affect you

On Behalf of | Oct 6, 2016 | Bankruptcy, Bankruptcy |

When you are overwhelmed with the debt you are in, the day might come when you decide that something has to be done. For many people, the method they turn to for slaying the debt monster is bankruptcy. While this is a seemingly scary concept, simply because of the stigma attached to it, it is actually a way that you take control of your finances.

We previously discussed how bankruptcy can actually help your credit score. That improvement might not be instantaneous, but if you are looking at how your options will affect you in the long run, you might be shocked to find out that bankruptcy can help you.

When you are considering bankruptcy, you should think about how each chapter will impact your life. For example, if you want to keep your home, a Chapter 13 is likely going to be the option you need to exercise. The downside to that is that you will have to make monthly payments.

If you aren’t able to make monthly payments and you don’t have many or any assets, Chapter 7 might be the better option. This is also known as liquidation bankruptcy, and you must meet certain requirements to file this type of bankruptcy.

The fact is that you need to learn about all of the options that you have if you are going to file for bankruptcy. We can help you to look at each option and learn about how it is going to affect you. Once you have that information, you can move forward with determining what option will help you to regain control of your finances.


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