Feeling stuck and can’t pay down your debt? Bankruptcy is called “protection” for a reason. Learn the difference between Chapter 7 versus Chapter 13, and how to repair your credit.

Declaring bankruptcy is sometimes the right choice.

In the United States, we have created system that allows folks an ability to absolve themselves of (some forms of) debt. Other countries, including those our forefathers may have emigrated from, didn’t always give their citizens the ability to break free from their debt.

Of course, as we are all aware, declaring bankruptcy comes with significant repercussions. Even still, it is sometimes the right choice.

The paperwork isn’t what makes bankruptcy so hard

Bankruptcy can take a physical and emotional toll on you. It’s financial trauma in every sense of the word.

Our writers have explored when and what form of bankruptcy is the right choice, and for those who choose to go down that route, how long it takes for folks to typically recover.

Top picks within Bankruptcy

Here’s your credit repair timeline after a bankruptcy…

Sat Jun 3


Recent Articles

What Happens to Credit Card Debt After a Bankruptcy

Bankruptcy is usually the last resort when it comes to digging yourself out of serious debt, but in some situations, it is the best choice. Most people don’t jump into it without careful consideration and counsel, but in some instances, it may feel like there is no other option. In most cases, credit card debt […]

7 Questions to Ask a Bankruptcy Attorney: Bankruptcy Attorney Checklist

If you have decided to file for bankruptcy, the next logical step is to hire a competent attorney to oversee your case. A lot of attorneys even offer a free consultation upfront so that you can decide if they are a good fit for you. We suggest taking more than one free consultation to gather […]

What is a Community Property State, and Why Does it Matter?

If you live in a community property state, the law considers any assets and money earned by either marriage partner to be “community property.” This means that half of those assets and money belong to your spouse. Community property states also recognize “separate property,” which is any type of asset, money, or gift that was […]

What is a bankruptcy score?

You’re probably familiar with your credit score, but what is a bankruptcy score? Judging by data from Google Trends, most people don’t even know there’s such a thing as a bankruptcy score. This is partly because banks and credit bureaus generally talk about these bankruptcy scores less than credit scores. Although all three credit bureaus […]

Chapter 7 versus Chapter 13, Explained

Although there are 5 categories of bankruptcy, only two are typically options for regular consumers- chapter 7 and chapter 13 bankruptcy. Chapters 9, 11 and 12 of the bankruptcy code typically only apply to farmers, municipalities and businesses. So how do you choose between chapter 7 versus chapter 13? Neither is simply better than the […]

Here’s your credit repair timeline after a bankruptcy…

When Dave, a homeowner in Iowa fell behind on his debts, he simply stopped paying his mortgage and other debts. Before long, his home was foreclosed. Not only was his credit in shreds, but he also lost his home and all his equity tied up in his home. Unfortunately, Dave never considered bankruptcy — and […]