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June 2015 Archives

The benefits of Chapter 13 bankruptcy

If you have considered or are considering bankruptcy, you have likely run into mention of Chapter 7 bankruptcy and Chapter 13 bankruptcy, and you may find yourself wondering which is right for you. The difference between the two can be fairly easily explained, but even knowing what each filing does may still not help you determine which filing you should choose. Instead, it is perhaps better to simply outline the advantages of Chapter 13 bankruptcy.

Bankruptcy relief can help with financial strain

General consensus is that the economy is finally on the upswing after crashing through one of the worst recessions in recent memory. Of course relief from such economic hardship is never going to be instantaneous, and even as the economy recovers, many people will be struggling with the hardships that began during the recession. Credit card debts that were racked up to afford necessities and unexpected job termination from cutbacks have put many Americans and Texas residents in difficult financial situations.

What should I expect from a Chapter 13 bankruptcy?

When most people think of bankruptcy, they imagine liquidating many of their personal assets in order to pay off the debts that they owe. This is because when most people think of bankruptcy, they think first and foremost of Chapter 7 bankruptcy, which most accurately fits the stereotypical description. There are different types of bankruptcy filings, though, and for some people, Chapter 7 may not be the best option. Some individuals may benefit more from Chapter 13.

Find out if Chapter 7 bankruptcy is right for you

When it comes to bankruptcy, there are different options that could be better for you depending on your circumstances. A number of different factors affect whether you should file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, and it can often be difficult to decide which is truly right for you. This is of course assuming that you decide to file for bankruptcy in the first place, which in itself can be a difficult decision to come to.

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