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. Before you see whether bankruptcy is suitable for you, it’s important you realize the various bankruptcy choices.
There are 2 typical bankruptcies for customers, Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is normally named a “Fresh Start” bankruptcy as it discharges (wipes out) many kinds of personal debt within about 3 months of filing bankruptcy (there are exceptions to discharge, including many fees, alimony/maintenance, son or daughter help, figuratively speaking, and government debts that are most and fines). Continue reading