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Bankruptcy May Be Your Option

July 2015 Archives

Types of personal bankruptcy: Chapter 7 vs. Chapter 13

Many people do not know that there are different types of bankruptcy. There are six basic types of bankruptcy under the U.S. Bankruptcy Code. They are named for the chapters that describe them. Chapter 11 bankruptcy is one type of bankruptcy you may have heard of before. This type of bankruptcy is used primary by businesses. Although individuals can file for Chapter 11 bankruptcy, it is not very common. The more common type of personal bankruptcy are Chapter 7 and Chapter 13 bankruptcy.

Student debt and bankruptcy

Students today are paying more for a college education than any generation before them. In combination with a still-recovering economy in which good jobs are hard to come by, recent graduates in Oklahoma may be feeling the pressure of all those student loans. One option that may be plausible is filing for bankruptcy.

Chapter 7 bankruptcy and tax debt

For individuals and families, the most overwhelming debt is often due to federal, state and local taxes. In many cases, chapter 7 bankruptcy can resolve the debt, allowing for a fresh financial start. It is also possible to deal with the debt under chapter 13 bankruptcy, but like any other debt, it is simply restructured, not eliminated.

As spending begins, will consumer financial challenges rise?

Almost a third of Oklahoma residents who responded to a survey about consumer sentiment said they were without debt. Only 20 percent said they were planning to make a major purchase for their home, such as a refrigerator, furniture or television, within the next six months.

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