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Benefits of Bankruptcy

The Benefits of Filing Bankruptcy

Congress changed the bankruptcy laws in 2005 by passing the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The press coverage surrounding the enactment of BAPCPA left most people thinking that bankruptcy was no longer a viable option for people struggling through financial hardship. Fortunately, for millions of consumers who have experienced difficulty since then, these reports were incorrect. Bankruptcy, now more than ever, is still one of the most common and effective ways to provide much needed relief for millions of Americans suffering from too much debt.

The Myths of Bankruptcy

When people think about bankruptcy, they tend to become fearful or dread the idea. However, most of their fears are based on rumors or inaccurate information regarding how bankruptcy. Everyone's situation is different so you can't rely on what your friend or neighbor says about bankruptcy. Get the straight facts from a qualified professional. Here are some of the common myths about bankruptcy that we hear everyday.

Eliminate Your Medical Debt

Unexpected debts from medical bills can happen to anyone.

If you are struggling with medical bills, you are not alone. In fact, the average out-of-pocket medical costs for all medically bankrupt families was $17,943 (American Journal of Medicine, 2009).

Who Files Chapter 13 Bankruptcy?

In October 2005, the laws which govern Chapter 13 bankruptcy changed. One of the more significant ways the law changed dealt with the eligibility requirements for filing for Chapter 7 and Chapter 13 bankruptcy.

How Flexible is Chapter 13 Bankruptcy?

Before filing for bankruptcy, it is crucial to understand all the facts. Since you may not be an expert in bankruptcy law, the questions you might have about the process have answers that are anything but clear. Not only are there different types of bankruptcy, Chapter 7 and Chapter 13, but there are also significant differences between the two.