All the information you need to make an educated decision
Bankruptcy Help from DebtHelp
Bankruptcy is a legal alternative for individuals or businesses to relieve themselves of major debt loads. While it can be very useful for discharging debt or for instituting a realistic payment plan, filing bankruptcy is a serious move that should be taken only as a last resort. DebtHelp can help you find a lawyer to explain local bankruptcy laws for the options listed below.
Bankruptcy Options
If you have exhausted all other means of debt relief and decide to pursue bankruptcy, which type of bankruptcy is the best for your situation? The most common types of bankruptcy are Chapter 7 (liquidation), Chapter 11, Chapter 12, and Chapter 13 (all reorganizations). No matter which option you choose, it is important to remember the risks and special considerations relevant to bankruptcy across the board. More information about Bankruptcy Options
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is one of the most common forms of bankruptcy, and can be filed by both individuals and businesses. It is "liquidation" bankruptcy, by which debts become discharged and no longer require repayment. For this reason, many people prefer to file Chapter 7 if they are eligible to do so. More Information about Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a type of "reorganization" bankruptcy that implements a payment plan for debts under the discretion of a bankruptcy court. It is for use only by consumers, often those who are ineligible for Chapter 7. The result from filing may be payment in full of some debts, partial payment of some debts, and/or no payment at all for some debts, depending on the terms of the agreement and ability to pay. More Information about Chapter 13 Bankruptcy
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a form of reorganization similar to Chapter 13. It often is used by businesses that do not qualify for Chapter 7 and sometimes by individuals who surpass the qualification limits of filing Chapter 13. More Information about Chapter 11 Bankruptcy
Chapter 12 Bankruptcy
Chapter 12 bankruptcy also is a form of reorganization similar to Chapter 13, but is reserved specifically for use by eligible farmers and fishermen. More Information about Chapter 12 Bankruptcy
Avoiding bankruptcy over healthcare expenses
Knowing your rights about medical expenses can help you prevent bankruptcy and meet healthcare costs more on your terms.
Filing bankruptcy: knowing the true costUp to your ears with rude collection calls at home and work? Buried under a mountain of bills you can't pay? Easy! File Bankruptcy and money problems disappear! Well, not exactly.
Considering bankruptcy? Answer these 5 questions firstYou're unemployed, ill or injured, or going through a divorce. Your debt is out of control, and you're ready to file bankruptcy. Although a legal process designed to protect debtors from insurmountable debt, filing bankruptcy ruins your credit and can have lasting consequences.
Bankruptcy vs. credit counselingAre you thinking the only way out of debt is filing for bankruptcy? Before you do, consider contacting a credit counseling service for help. This article compares credit counseling to filing for bankruptcy.
When debt help is not enough: 3 reasons for filing bankruptcySituations can arise that make paying your bills impossible, or that render you ineligible for participating in debt relief efforts such as credit counseling. When you're enduring any of these circumstances, consulting a bankruptcy attorney can provide information about your rights and the consequences of filing bankruptcy.
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