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Can I File for Bankruptcy?

Everyone's situation is different, only you can determine what is best for you.

The decision of whether or not to file for bankruptcy is never an easy one. And because everyone's situation is different, only you can determine what is best for you. However, if you're facing the possibility of losing your home to foreclosure, if your credit cards are maxed out and you can barely pay the minimum payments or nothing at all, then bankruptcy may be the best decision for you.

Types of bankruptcy:

There are two main types of bankruptcy for individuals, Chapter 7 and Chapter 13. Both give you relief from your debts and a fresh financial start through debt discharge, which is the court's order ending your liability to pay and your creditors' ability to collect.

Chapter 7 bankruptcy is for people who have few or no assets available to pay their creditors and most or all of their debts would be dismissed. Learn more about Chapter 7 Bankruptcy.

Chapter 13 bankruptcy reorganizes your debts so that you can make partial or full payments depending on your repayment plan. Any remaining debts would be discharged or dismissed after you complete the repayment plan. Learn more about Chapter 13 Bankruptcy.

If you are trying to save your home because you want to stay there and you think that your current income can support it, a Chapter 13 bankruptcy filing would be the one that is most appropriate for you. That will prevent your home from being foreclosed upon and taken away from you. A Chapter seven bankruptcy filing, on the other hand, would wipe out your credit card debts in full.

The primary difference between a Chapter 7 and a Chapter 13 bankruptcy filing are that with a Chapter 13, which is also known as a "Wage Earner's Plan," you do have to repay some of your debts over a period of time.

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