September 24th, 2008
What Bankruptcy Chapter Do You Qualify For.
Filing for bankruptcy is not as easy as it used to be. Now there are two types of bankruptcy, Chapter 13 and Chapter 7. Chapter 13 is applied to anyone who takes a test called the means test and it is found that they can pay off their debt in a predetermined amount of time (five years). These people are no longer charged interest or late fees on their accounts and the courts help establish the payment. Chapter 7 is for those people who cannot file chapter 13, so how do you determine which one is right for you? Bankruptcy services will go a long way in helping you determine how and what you should file, having a professional on your side when you file for bankruptcy will help you make the right decisions.
