Over two million consumers filed for bankruptcy last year. Before you decide that you need to file for bankruptcy, as a consumer you should do the research and find out exactly what it is and whether you are truly in need of it. There is a difference between consumer bankruptcies and municipal bankruptcies. Consumer bankruptcy is the most common since it involves things such as credit card debt, medical bills and car loans. One of the few things not covered by bankruptcy, no matter the type, is secured loans such as student loans or child support.
Municipal bankruptcy is where a city, town or even school district files for bankruptcy. At one point in time, it was called Adjustment of Debts of a Municipality and is now under chapter 9. Sometimes, depending on which chapter the consumer bankruptcy is filed under, you could be able to keep your things after you file. Basically if, after financial counseling, you are deemed qualified to file, then you need to decide which chapter is right for you.
Chapter 13 allows the consumer to keep everything they owe money on while obliging them to pay over a certain amount of time, usually three to five years. Consumer...
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