Bankruptcy Alternatives

Bankruptcy should be considered only as a last resort. The effects of filing for Bankruptcy protection are long-lasting – up to 10 years in certain states. Recently the rules for filing Bankruptcy changed, and it is now harder than ever to wipe the slate clean.

There are two types of bankruptcy protection: Chapter 7 and Chapter 13. Each one has its own pros and cons, and the right filing for you depends on a number of different factors. In the end it’s best to consult a bankruptcy lawyer to discuss your specific scenario, but this should only be done as a final resort after all other options have been exhausted.