Your Bankrupcy Options

There are 2 types of bankrupcies that one can file: Chapter 7 and Chapter 13. Chapter 7 might be filed by inddividuals while Chapter 13 might be filed by a company.

When it comes to filing bankrupcy it is important to note that it might take months to file and that it can be also very costly. Student debt and back taxes are not dischargable for indiciduals, while corporations might only be able to request the change of the term of the debt.

It is not an easy way out. In fact some suggest that if the outstanding debt can be paid off wihin 3 – 5 years it might not be worth it all.