You have been considering bankruptcy, but you really do not like the idea of liquidating your assets with Chapter 7. You want to keep them. Is that possible if you opt to use Chapter 13 instead?
You may have heard that Chapter 7 bankruptcy cannot be used to get rid of student loans. While that is true for many people, it is not 100 percent accurate in all cases.
You want to use Chapter 7 bankruptcy to eliminate your debt, but you worry that it will destroy your credit rating. This will make it hard for you to buy a car, something you absolutely need to do for work. Can you buy a vehicle after bankruptcy?
Making the choice to move forward with filing for consumer bankruptcy can be difficult, especially if you are unsure which chapter may be most appropriate for your unique situation. If you are unable to meet your financial obligations and are struggling with debt, you would be wise to seek an explanation of the legal options available to you.
The point of Chapter 13 bankruptcy is to give you affordable payments to pay off what you owe. These are due on a monthly basis.