Is Bankruptcy Right for You?

Here are 10 things to check and see if bankruptcy is the right option for you.

1. Learn about the bankruptcy process.
There are 2 main options when you want to apply bankruptcy: Chapter 7 and Chapter 13 .Chapter 7 bankruptcy is when many if not all og your debts are cancelled in a 2 to 6 months process. Chapter 13 bankruptcy is when you use your income to pay your debts for the next 3 to 5 years.

2. Consider bankruptcy alternatives
The situation may not be so bad. There are many options to bankruptcy. Look for advices or search for alternatives.

3. Are you eligible?
If you not making enough money you may not apply for Chapter 7 and be redirect to a Chapter 13 Bankruptcy. It is also possible that you may not qualify for Chapter 13 Bankruptcy if you debts are too high or the income is too low.

4. Some debts cannot be canceled.
Some debts, like child support obligations, cannot be erased in bankruptcy process. Don’t apply for bankruptcy if you want to remove this debts. Learn what Bankruptcy can and cannot do for your situation.

Read the second part of this article: Is Bankruptcy Right for You? - part2