Making the choice to file for bankruptcy is not an easy one to make. If you find yourself in a position where this is necessary, you are probably dealing with past-due balances and debt you can no longer manage on your own. Bankruptcy offers overwhelmed consumers the ability to deal with certain types of balances once and for all.
There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. The right option for you depends on the details of your individual financial situation and the types of debt you have. There are eligibility requirements for both. It may be helpful to learn more about the two options available to you and how you can know which one will help you reach a better and stronger financial future.