Bankruptcy

There are two common forms of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 requires that you liquidate assets in order to pay off as much of your debt as possible and then the remainder of your debt is forgiven. Chapter 13 involves the total repayment of all of your debts, but under new terms and conditions and with a court-appointed trustee supervising your situation closely.  There can be severe, long-lasting consequences to filing bankruptcy. There are alternatives, to bankruptcy, however, including better money management, budget planning, and possibly the debt consolidation Debt Management Program we offer. (Please refer to a more detailed explanation of bankruptcy in the Education*** section in this website.)

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