At one time, you probably thought the day would never come when you would consider bankruptcy protection. Then the unexpected happened, and when debt began taking over your life, bankruptcy seemed the best solution.
If you are drowning in medical bills, facing overwhelming credit card debt or otherwise struggling to keep yourself afloat financially, you may be wondering whether bankruptcy might be an effective method of getting back on your feet. You may also have heard that different types of bankruptcies exist, among them Chapter 7 and Chapter 13 bankruptcy filings, but you may not be clear on the difference or whether one option might make more sense for you.
Getting news of a serious illness or going to the emergency room may result in financial hardships. According to a report by USA Today, medical debt is the top reason that Americans file for bankruptcy. Even if you have health insurance, your coverage may not be sufficient enough to help you afford your expenses.