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What debt relief option is right for me?

The economy appears to be in recovery, but that doesn’t mean the last few years of economic turmoil did not cause significant damage to some people’s finances. Whether you’re suffering from credit card debt or still struggling to pay off outstanding loans, there is likely a debt relief option that you can take advantage of to help you manage your finances. If you feel like your debt is holding you back and you want to get a fresh financial start, you might consider filing for bankruptcy.

Before you seriously consider filing for bankruptcy, it might help you to know what options are available to you. People might be confused by the differences between Chapter 7 and Chapter 13 bankruptcy, which can make it difficult or daunting to decide which filing to choose. For an in-depth comparison between the two types of bankruptcy, click here. If you would like a quick rundown of what to expect from each filing, read on.

Chapter 7 bankruptcy is the most common type of bankruptcy filing, and it is what most people think of when they hear the word bankruptcy. It allows filers to discharge some of their debts completely, while selling off many non-exempt assets to pay back some of what is owed.

On the other hand, Chapter 13 bankruptcy usually requires individuals to still pay off their debt, but it allows them to arrange a repayment plan based on their income so that they can pay off their debts over a three to five year period. With a Chapter 13 filing, you will likely keep all of your assets, but your wages will be garnished to pay for your debts.

Depending on which state you live in, the assets that can be exempt will differ. Texas residents may find that many of their assets are exempt, so Chapter 7 may be the better option. However, Chapter 13 has its benefits if you earn a steady income and will be able to pay off the debts, given enough time. Consider meeting with a bankruptcy attorney to decide what filing is right for you.

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