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Two of the most common options for dealing with unmanageable debt are filing for bankruptcy and pursuing debtconsolidation. Bankruptcy and debtconsolidation are distinct solutions, each with advantages and potential drawbacks. However, it’s important to remember that this does not eliminate debt.
Some options are negotiating with creditors, structured payment plans, and debtconsolidation. Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts.
Chapter 13 is for debtors who don’t meet the requirements to qualify for Chapter 7 relief. If you have regular monthly income, a Chapter 13 bankruptcy allows you to set up a debt repayment plan. Your state may also impose income tax on forgiven debt. For example, there’s a federal exemption of $4,450 for a motor vehicle.
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