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Bankruptcy

There are two primary types of consumer bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is commonly referred to as liquidation bankruptcy. It is commonly used when you have little property except for basic necessities. You will have little or no money left after paying for basic expenses each month or not even meeting monthly basic expenses. Advantages of a Chapter 7 Bankruptcy include that most debts can be completely eliminated, the process is fairly quick as it can be resolved in a few months, and creditors can't contact you once the bankruptcy is filed or once the debt is discharged. However, not everyone qualifies for a chapter 7 bankruptcy as there are income limits.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is commonly referred to as a payment plan or adjustment of debt bankruptcy as it is for people who have regular income and allows for a payment plan to be made with all your creditors. Chapter 13 bankruptcy is common when you want to keep your property or other property of significant value. You will have 3-5 years to catch up on delinquent accounts based on what you can afford.
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