Now that things have settled down after the holiday season, you might have bills rolling in for the purchases you made. You might have been able to pay easily in January and February, but maybe things are really tight now and it doesn't look like that will change. If you are in this position and are unable to pay your creditors, you might have to review the option that you have to file bankruptcy.
For people who can pass a means test, which involves taking a look at the assets and income you have, Chapter 7 bankruptcy might be a viable option. For those who have considerable assets and can't pass that means test, a Chapter 13 bankruptcy might be in order. We know that you might have questions about which is the best for your situation. We are here to answer any questions you have about how bankruptcy might impact your life.
The primary difference between these two is that Chapter 7 liquidates your asset to pay off creditors. Whatever balance remains after that is forgiven. In a Chapter 13 bankruptcy, you will make payments to the bankruptcy trustee on a regular schedule. As long as you make all of these on time, your outstanding balance will be written off.
There are many benefits that you might enjoy if you choose to file. These include the ability to reclaim your finances and to stop having to worry about creditors contacting you to collect money. These can help you begin to enjoy your life again while you learn to live without credit.