Individual Bankruptcy: Understanding The Differences

We all love to prosper in life but unfortunately this doesn’t happen everywhere with everyone and every time. There are times when you can find yourself in under heavy debt, actively pursued by aggressive debtors. This is a tight corner situation where most people consider it the “end of lane” with no way out. Fortunately! Bankruptcy is your “way out”.

Contrary to popular belief that it means cessation of all your assets and financial assets, bankruptcy is your relief and a legal way to have your debts written off.

It is pertinent to remember that all debts are not liable to be discharged, and there are certain benefits and limitations to filing under the various chapters. This infographic holds some nice information if you intend taking the route of bankruptcy, highly recommended for new filers.