A lot of people are scared of bankruptcy. But not everyone knows what it means and how it can help. Bankruptcy is a legal process that can set up an easy payment plan for debts. It can get rid of your debt completely, too.
There are two types of bankruptcy that you can file for:
- Chapter 13 bankruptcy can help you set up a way to pay off your debts. Usually, this will be a plan that takes three to five years to finish.
- Chapter 7 bankruptcy is different. Chapter 7 lets you trade some things that you own (like a car or your jewelry) for getting rid of your debts.
Not sure which bankruptcy is right for you? You can hire a bankruptcy attorney to give you advice.
You can find bankruptcy lawyers online and talk to different ones before picking a lawyer to hire. A bankruptcy attorney can give you the information you need to get rid of your debt.