In a recent post, we talked about Chapter 7 bankruptcy, and some of the things you need to know about this very helpful form of bankruptcy. However, there are some people who do not qualify for Chapter 7 based on their income, and thus they turn to a Chapter 13 bankruptcy filing. Unlike Chapter 7, which is considered the "liquidation" option, Chapter 13 is considered the "consolidation" option.
If your financial situation is either frustrating or frightening, you may be wondering what you can do to improve that situation. We frequently write about the benefits of bankruptcy and other debt relief solutions which the law allows for. Speaking to an experienced attorney about these options may help you achieve a fresh financial start. But even if you are able to achieve a fresh financial start, your financial stability is not likely to “right” itself overnight. In most cases, individuals must adjust their approach to their finances in the wake of taking advantage of certain debt relief solutions.