The majority of people declare bankruptcy because they’re unable to repay too many of their debts. Many people seek bankruptcy to stay out of a default on their house or mortgage. A lot of people think that bankruptcy could wipe away the debts they owe, which includes student loans. This is not the case.
Every type of bankruptcy comes with both advantages and disadvantages. Chapter 7 bankruptcy can give you a clean slate. The Chapter 7 bankruptcy can erase any debts, including child support and taxes , if approved. A Chapter 13 bankruptcy lets a individual pay off outstanding debt in installments they can manage. Bankruptcies that are in active status will ensure that collection efforts to collect debt cease after a specified date. A knowledgeable bankruptcy lawyer office will guide you through all the documents and forms.