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ananymous asked 49 years ago

When should should I file for bankruptcy?

1 Answers
Matt answered 1 year ago

There are different categories of bankruptcies. For individuals, chapter 7 and 13 bankruptcy will apply.
A chapter 7 bankruptcy liquidates all non-exempt assets to pay off creditors.
It’s generally the best option when a person has a large amount of unsecured debt, like medical bills and credit cards, and limited income.
A chapter 13 bankruptcy reorganizes or adjusts your debt using a repayment plan.

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