When you are struggling with debts, it is important to realize that you need to take action in one way or another because otherwise your financial situation is simply not going to improve otherwise. One option that you may be considering in bankruptcy. However, many debtors feel overwhelmed with the different filing options that they have, and a paralyzed by the choices available to them.

It is important to reflect on your situation and conduct adequate research before taking action to file for bankruptcy. By doing so, it is likely that you will feel emotionally committed and ready to positively change your life.

Is Chapter 7 bankruptcy the right choice for me?

Chapter 7 bankruptcy tends to be the first choice chapter for many individual debtors because it offers them the chance to have a financial fresh start. It offers the possibility of the elimination of certain debts, and it does not impose a future repayment plan on the debtor. However, not everyone is eligible for bankruptcy under Chapter 7, and this is why sometimes other options need to be considered.

Could Chapter 13 bankruptcy be the best option for me?Chapter 13 can be a little more challenging because debtors need to commit to a repayment plan. However, debtors are not subject to an income means test in order to be eligible.It is vital that you do not bury your head in the sand regarding your debts and that you look into your options so that you are able to enjoy a life free of debts in the near future.