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How Filing for Bankruptcy Can Provide You With a Fresh Start

Filing for bankruptcy

How Filing for Bankruptcy Can Provide You With a Fresh Start

Filing for bankruptcy can be intimidating.  Even the word bankruptcy can make you start to feel stressed and anxious.  However, bankruptcy is not always bad.  Sometimes filing for bankruptcy can actually make your situation better.  If you are in an overwhelming amount of debt and choose to file for bankruptcy, you are basically giving yourself a redo.  Here is how filing for bankruptcy can give you the fresh start your finances need.

Two Types of Bankruptcy

There are many different types of bankruptcy.  The two most common for individuals are chapter 7 and chapter 13.  They take different tactics to relieve you of debt.  What type you file for depends on your financial situation and what you are trying to accomplish.  Chapter 7 bankruptcy erases your debt, while chapter 13 helps you figure out a repayment plan.  Each type has its pros and cons.  A legal professional can help you figure out what type of bankruptcy is best for your situation.  Either can provide you with a way out and a fresh start.

Live Debt-free: Chapter 7 Bankruptcy

If you file for bankruptcy under chapter 7, you really do have a new start.  This type of bankruptcy completely eliminates your unsecured debt.  This is called liquidation.  Some types of debt cannot be erased, including

  •  Student loan debt (usually)
  • Court-ordered alimony
  • Court-ordered child support
  • Reaffirmed debt
  • A federal tax lien for taxes owed to the government
  • Government fines or penalties
  • Court fines and penalties.

The major benefit of filing for bankruptcy under chapter 7 is you can start fresh without any debt.  The process is fairly quick, too.  

A Plan You Can Handle: Chapter 13 Bankruptcy

Chapter 13 bankruptcy is often called reorganization. Filing for bankruptcy under chapter 13 allows you to keep any assets you own, like houses, cars, and property.  While you will still be in a lot of debt, you will not be under the pressure of monthly payments you can never achieve.  The court will work with the creditors to restructure your repayment plan so that it fits your income.  This is also like a fresh start – a chance to pay bills on time and eventually be rid of debt.  Most courts lay out plans that last three to five years.  Chapter 13 bankruptcy can help people who have a regular income and can pay for their living expenses but have fallen behind on credit card or other loan payments.  

Need Help Filing for Bankruptcy?

If you need to file for bankruptcy, you should not do it alone.  There are many details that only a legal professional can navigate.  Bartifay Law Offices have been helping people with bankruptcy since 1993.  Their expert guidance is fair and trustworthy.  They can help you figure out what type of bankruptcy to file for and what assets you will be able to keep.  To schedule a free consultation with a Bartifay attorney, call (412) 824-4011, or visit them online.

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