Those in Baton Rouge who are considering personal bankruptcy might be immediately tempted to file under Chapter 7. This is no doubt due to the benefit that a Chapter 7 bankruptcy offers of allowing certain debts to be discharged. Indeed, according to data compiled by the American Bankruptcy Institute, over 63 percent of the non-business bankruptcy filings from the second quarter of 2018 were Chapter 7 cases.
You may feel as if filing bankruptcy is a terrible thing to do, but you should understand there is a very good reason why it is an option. Sometimes, it is the best way to fix your finances. You have options in the type of bankruptcy you file. Many people choose to file Chapter 13 because of the many benefits that it offers.
If you are one of the many people in Louisiana who is in need of help to manage your debt, you might be wondering if bankruptcy is right for you. When evaluating this option, it is important to know that there are multiple forms of consumer bankruptcy. Chapter 7 bankruptcy may be the most commonly known and used but there are times when a Chapter 13 might be the better option. One example is when you have a home or other assets that you do not want to lose.