Be careful that you fully understand the terms of your COVID mortgage forbearance otherwise you may end up in foreclosure.
Chapter 13 Vs. Chapter 7. Chapter 13 Bankruptcy is sometimes referred to as “reorganization bankruptcy.” This is due to the fact that unlike Chapter 7 where you will liquidate, in Chapter 13 you will end up paying back some of your debt.
Chapter 7 Bankruptcy is the most common chapter of the Bankruptcy Code under which cases are filed. This kind of bankruptcy is sometimes referred to as “total liquidation” or “straight” bankruptcy.
Whenever I have a consultation with a married couple I am almost always asked whether they are required to file for bankruptcy together.
This post should start to give you the idea that filing for bankruptcy has a lot of positives and ways to help you move forward in your financial life.
Prior to taking the bankruptcy class in my final semester of law school my only exposure to the word bankrupt was when I would watch Wheel of Fortune with my grandmother.