So, you decided to go for bankruptcy as a way to legally eliminate debt? Well, you should thing again because the harsh new bankruptcy laws make debt settlement the easier option.
There are two methods of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 is what everyone wants because it means you will eliminate your debt completely. However, because of the new harsh laws Chapter 7 is very hard to get. You now have to take a means test now; this was introduced because the government wanted to stop people who afforded to pay their debt go for bankruptcy. So what's this mean test anyway? The debtor's income is practically compared with the average expense for a household as large as his. The rest is pretty logical; if the income is less or the same as the average, the debtor passes the test and can opt for Chapter 7.
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Also, when filing for bankruptcy you need to find a good lawyer that specializes in this area and is willing to help you. You won't be able to spend a lot of money on a lawyer since your financial situation is already very bad. Usually, the fee is about 1500 dollars but it can be bigger, depending oh how good your lawyer is.
There's a lot of time wasted during the bankruptcy process, because this requires a lot of meetings with you lawyer and going to court regularly. Also, there's a lot of paperwork to be done, a lot of phone calls to make, and it's not worth the struggle since there are other options.
Debt settlement was introduced in order to help the people with financial problems that wish to file for bankruptcy. The economy crashed due to the people who exaggerated with bankruptcy in the past years, and that is why the government worsened the process, hoping that people will avoid it and choose other debt elimination methods.
Do you still want to eliminate your debt through bankruptcy after reading this article? Well, I guess not because the option of debt settlement is way more affordable and stress free.
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