You can’t afford to pay all of your bills, and you are contemplating bankruptcy, you need to be aware of how these benefits are treated in bankruptcy if you receive Social Security benefits (SS), or Social Security Disability Insurance benefits (SSDI. But whether it is in your best interest before we discuss how these benefits are treated you should consider whether bankruptcy is even necessary in your situation, or. For you, it is important that you understand the different bankruptcy options before you determine if bankruptcy is right.
There are two main bankruptcies that are common customers, Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is generally called a “Fresh Start” bankruptcy as it discharges (wipes out) many forms of credit card debt within about 3 months of filing bankruptcy (there are exceptions to discharge, including many taxes, alimony/maintenance, kid help, student education loans, and government debts that are most and fines). People whose only revenue stream is SS and SSDI advantages, effortlessly be eligible for a a Chapter 7 bankruptcy. Luckily, that is usually the cheapest, fastest, simplest regarding the two bankruptcy choices.
A Chapter 13 bankruptcy is normally described as a “Wage Earner” bankruptcy. A Chapter 13 is normally an even more difficult, longer, online loan Indiana higher priced bankruptcy when compared to a Chapter 7. Continue reading “Just Exactly Just How Personal Safety Benefits Are Addressed in Bankruptcy”