3 Consequences of Filing for Bankruptcy You Should Know About
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If you're drowning in debt and can't see a light at the end of the tunnel, filing for bankruptcy may seem like a viable option. With a Chapter 13 bankruptcy, you reorganize your debts so they're easier to pay off. You'd then need to stick to an agreed payment plan, which would get creditors off your back. With a Chapter 7 bankruptcy, you liquidate your assets and a trustee uses the proceeds of their sale to repay creditors as much as possible, after which you get to start over with a clean slate debt-wise.
Source Fool.com
