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While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecureddebt is handled differently in Chapter 7 vs. Chapter 13.
Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecureddebt. It matters because not all debts are equal in the eyes of the law. Secured vs UnsecuredDebt: What’s the Difference?
If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecureddebts, such as credit card balances, medical expenses, and personal loans, within a matter of months. Dischargeable debts are those that can be eliminated through bankruptcy.
However, how can you tell if your debt issue calls for such a drastic measure? The following are some indications that you might be a good bankruptcy applicant: Are debtcollectors following you around? What Debts are Discharged in Bankruptcy? Spending money on short-term financial problems will harm your credit too much.
One of the most reputable is National Debt Relief, which has helped 100,000 families and individuals pay off their arrears in full. It’s resolved more than $1 billion in unsecureddebt since it first launched in 2009. Decide whether the company’s services are right for you with this review of National Debt Relief.
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