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Bankruptcy can provide you with a fresh financial start

With the state of the economy and the rising unemployment rate, people are starting to realize that they can't make ends meet. For those who have credit accounts, finding a way to pay these may become a priority; however, it might not be possible because they have to cover the payments for life's necessities.

These situations can lead to bankruptcy

Many people live paycheck to paycheck and can't save a large sum of money. This can lead to considerable financial difficulties if they are ever laid off or have to take time off work for any reason. For some individuals, there isn't any option to recover on their own. They may turn to bankruptcy as their answer.

Chapter 13 bankruptcy might provide relief in this economy

The downturn of the economy in recent days is frightening to many people. They just don't know how they're going to make ends meet. The bills don't seem to stop, but the money just isn't there to pay for everything. For people who still have an income that can pay the basic bills, there is a chance that a Chapter 13 bankruptcy might be beneficial.

Understand the means test for Chapter 7 bankruptcy

A person who's going to file for bankruptcy has two main options for doing this. One of these is Chapter 13, which requires you to make regular payments to the bankruptcy court. The other is a Chapter 7, which liquidates nonexempt assets to pay off debts. The catch to the Chapter 7 is that you have to pass the means test before you can file.

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