Now that 2019 is here, some people have already set their resolutions. For some, the goal is to become financially stable. While this is possible through hard work for some, there are others that might be so far deep in debt that there just isn’t a way out without some serious help. This help might come in the form of a bankruptcy case.
We know that most people don’t open credit accounts with the ultimate goal of filing for bankruptcy. It is still important for you to know that this option is available if you do need to use it. One of the things you will have to figure out if you are considering filing is what type of bankruptcy you will file. This can have a big impact on how you have to handle the matter.
Personal bankruptcies typically fall into two categories, known as chapters. These are Chapter 7 and Chapter 13. There are many differences between the two, but the main one that people are concerned with is that you must make regular payments to the bankruptcy trustee if you file Chapter 13. This isn’t the case with a Chapter 7.
Both bankruptcies have specific guidelines for who is allowed to file. Knowing these and determining whether you meet them or not is imperative. We are here to help you find out more and come up with a plan that can help you take control of your finances in 2019. There isn’t any good reason to allow the stress of being too far in debt dictate your life any longer.