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Bankruptcy
If you think you have exhausted all of your options and bankruptcy is your last choice, you should know that bankruptcy laws have changed and declaring bankruptcy won’t be as easy as you might think.
During the Bush administration, a bill was signed into law called the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), which made significant changes to the U.S. Bankruptcy Code and has made it harder for individuals to file Chapter 7 bankruptcy.
Chapter 7 is the bankruptcy filing that forgives most debt, usually unsecured debts like credit cards. Moreover, trying to file for Chapter 7 has become intrusive. You would be assigned a nationally certified credit counselor that would determine if you could file for Chapter 7. If not, you would then have to file for Chapter 13 bankruptcy.
Chapter 13 bankruptcy filing does not forgive debt. Instead, it sets up an affordable repayment plan to all creditors you owe. However, both Chapter 7 and Chapter 13 legally halt most lawsuits, repossessions, foreclosures and debt collection harassment.
If you think bankruptcy might be your only option, give Christian Debt Consolidation.com at 1-800-761-4GOD (4463) or by filling out our free application form. A debt specialist can help you sort out your debt and could be able to offer you a solution that does not involve bankruptcy.