Articles Posted in Chapter 7 Bankruptcy

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If you have credit card, medical bill debt, or other unsecured personal loans that are so large you can’t pay them off in a reasonable amount of time, you will likely end up using one of the following options to deal with it.

1. Borrow your way out

In the recent past, most with serious unsecured debts would turn to their home in the form of a home equity line or second mortgage. This was a quick fix that usually provided a lower monthly payment to service the same amount of debt. The obvious problem now? Loans are more difficult to come by.

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The following are two lists. The first is a list of the most common reasons I encounter in representing clients with debt that force them to use a chapter 13 bankruptcy instead of chapter 7 bankruptcy. The second list are the most common reasons I see people choose to file chapter 13 bankruptcy as opposed to chapter 7.

Must File Chapter 13 Bankruptcy – Most Common Reasons

1. Filed a recent bankruptcy case. (8 years for from chapter 7 to chapter 7)