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A Chapter 7 bankruptcy could help you balance your finances

Chapter 7 bankruptcy is among the most common types of bankruptcy and is probably what you think of if you imagine going through one. By liquidating your assets, you can use a Chapter 7 bankruptcy to discharge your debts completely without making payments on them. Many of your assets may be sold to pay back creditors in this kind of bankruptcy.

When you're preparing to apply for a Chapter 7 bankruptcy, you should collect your bank statements, credit or loan documents and pay stubs. You will want to show where your money is going and how much you have coming in. You need this information before you can fill out the bankruptcy petition.

If it turns out that you make too much money to file for a straight bankruptcy, you can instead opt for a Chapter 13 bankruptcy or may do better on a payment plan negotiated by your attorney. There are several other options for those who do not qualify.

For Chapter 7 bankruptcies, you need to remember that you do not have to lose every asset. The point of this bankruptcy isn't to set you back and make you start over completely. Instead, the goal is to help you get to a financially stable position, so you can make better financial choices in the future.

Our site has more information about the different types of bankruptcies there are that you could qualify for today. Whether you're interested in Chapter 7 or 13, there is an option available for most people struggling with debt that they can't pay off with other means.

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