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Bankruptcy and a Fresh Start for the New Year

Bankruptcy may be the answer you have been looking for in 2011.  If you are overwhelmed by credit card debt, unsecured lines of credit, medical bills, or are facing repossession of your vehicle or foreclosure of your home then it is definitely time to find out what your options are at the beginning of 2012.  Most of the time, when you get the debt relief that you have long needed you are able to find that many areas of your life improve. 

Marriages, personal relationships, your health and general happiness can be effected by a debt problem.  Filing for protection under Chapter 7 or Chapter 13 can help take the first step towards fixing many areas in your life.  

Many couples find that a great deal of their arguments stem from debt and money problems.  Often times, even if a divorce is imminent, it is still better for the couple to file beforehand for several reasons.  First, if both people need to file then if they can get along until the bankruptcy is over they can hire only one attorney.  Divorced couples have to file two separate cases.  Secondly, often times a bigger household size is more beneficial to debtors who are having a difficult time passing the Means Test

Chapter 13 is more appropriate than Chapter 7 in several situations.  First, if someone is behind on their house and wants to keep it then Chapter 13 can help them get caught up.  Second, if there is an outstanding IRS obligation, then Chapter 13 can eliminate any interest and penalties that the IRS would otherwise charge the debtor.  Of course, Chapter 13 is also for debtors who simply make too much money to pass the Means Test. 

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