Did you know that nearly half of Americans, or 43%, are spending more money than they make in any given year? Americans are no strangers to debt. Even worse, most debtors are ashamed and embarrassed, and unwillingly to admit to family and friends that they need help. Bankruptcy can provide an out for debtors. How are more Americans using bankruptcy to take control of their lives, and finally get out of debt?
Chapter Seven BankruptcyC
This particular branch of bankruptcy is pretty forgiving, and sometimes can put an end to all debts (excluding child support and back taxes). Chapter 7 is a viable option for business franchises and small business owners alike, and the Pittsburgh Penguins made waves by being the first, and only, sports franchise to file chapter 7 bankruptcy. The sports team made even bigger waves by filing not once, but twice. The team filed first in 1975, and again in 1998. Like the Pittsburgh Penguins, individuals can forgive all debts by choosing Chapter 7 bankruptcy.
Chapter Thirteen Bankruptcy
Starting over works for some people, but it may not work for everyone. Filing chapter 13 bankruptcy allows debtors to lower payments, and keep some treasured items. In this case, the benefits of filing bankruptcy are paying off long term, or stable, debts. Americans can file Chapter 13 to manage out of control credit card debts under $1,081,400, or to lower car loan and mortgage payments that amount to less than $360,475. Debtors can consult attorneys for more information about Chapter 11, and to find out where to file bankruptcy.
Unpaid debts can ruin your credit, and tear families apart. Take control of debts by finding an attorney, choosing where to file bankruptcy, and determining whether Chapter 7 or Chapter 13 bankruptcy best suits your circumstances.
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