Not being able to pay your bills is a disheartening feeling. You might stay awake at night wondering what you can do to get your creditors taken care of. When things get to this point, you might consider bankruptcy. This is a tool for getting out of debt that is sometimes overlooked and misunderstood. We understand that you might not be sure where to turn for information. We are here to help you learn how bankruptcy can help you and how it might affect your future.

There are two types of bankruptcy that you might consider for your personal debts. One of these is Chapter 7 and the other is Chapter 13. The main difference between these two is that Chapter 7 bankruptcy discharges your debts, while Chapter 13 requires you to repay some of your debts according to a predetermined schedule.

If you are thinking of filing for Chapter 7 bankruptcy, you should understand that you will have to pass a means test. This test is required before you are able to file. Chapter 13 bankruptcy doesn’t have this same test.

Some people who are thinking of filing for bankruptcy wonder what will happen to their assets. This depends on the type of bankruptcy filed. Some assets are protected under the bankruptcy code, so you should be sure you understand how filing will affect your assets.

We know that all of this might seem a bit confusing. We can help you to learn about each of these options so that you can choose the option that you feel is best for you.