Bankrupcy
Bankruptcy has the ability to erase many kinds of debt, ward off pesky creditors, stop wage garnishment, and otherwise get you back on track financially. It can be a legitimate means to start over for those in financial turmoil who can't seem to turn things around. For individual consumers, there are two types of bankruptcy, Chapter 7 and Chapter 13.
A Chapter 7 bankruptcy is also known as a liquidation bankruptcy because the court appointed trustee reviews your assets and liabilities and sells your non-exempt assets in an effort to satisfy creditors. Chapter 7 usually takes 3 to 6 months to complete.
A Chapter 13 bankruptcy involves a monthly payment plan paid to the court in exchange for keeping your assets. Chapter 13 usually takes 3 to 5 years to complete.
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