Consumer bankruptcy most often involves filing for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Each of these different methods of bankruptcy has pros and cons.
For example, Chapter 7 bankruptcy has more stringent income qualification requirements and also requires the debtor to have his non-exempt assets sold. A Chapter 13 bankruptcy, on the other hand, is easier to qualify for if you have a higher income as it lets you retain all of your possessions. However, Chapter 13 will not just forgive eligible debts like a Chapter 7 will; instead, you will need to pay back some or all of those debts over a 3-5 year repayment program that your creditors must approve. Making a decision to file Chapter 7, Chapter 13 or any type of bankruptcy as a consumer is an important one and one that you shouldn't make until you are fully informed about all your options.
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