If you have found yourself in this discouraging situation with debt that you don’t know how to turn around, there is good news. You may be able to get relief through bankruptcy, which is legal way to have your debts forgiven.
Many people mistakenly believe that filing for bankruptcy means they will lose all of their assets. In fact, the opposite is true. Bankruptcy is a way to protect your money and property from aggressive creditors who can use the courts to seize your possessions.
Not all debts are eligible to be discharged, and there are certain advantages and disadvantages to filing under the various chapters. Furthermore, new bankruptcy debtors have to receive credit counseling from an approved credit counseling agency before they can file. Take a look at today’s infographic for more information!8.8k