Bankruptcy Basics Part II
If it is determined that bankruptcy is your best course of action to solve your financial difficulties, the next step is to figure out which Chapter is appropriate for you. Individuals usually file under Chapter 7 or Chapter 13. Chapter 7 is commonly used to wipe out all of your debts immediately allowing a fresh start. However, you must be able to qualify for this Chapter. Chapter 13 is commonly used by those that don’t qualify for Chapter 7 or those seeking to save their home from foreclosure.
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