Being unable to sleep at night because your finances are keeping you awake is no way to live. You do have options to help you get out of the financial crisis. You deserve to live a life without worrying about creditors harassing you. Bankruptcy is one option that you might exercise. Consider these points before making your decision.
One of the most persistent concerns expressed by those considering filing either Chapter 7 or Chapter 13 bankruptcy is the potential to lose most, if not all, of their assets. Often, the thing that those who are contemplating filing are most concerned about is their home. After all, a home is not only where you and your family live, it also represents your biggest investment.
The answer is complicated. Generally speaking, student loans are exempt from bankruptcy discharge unless the borrower can show undue hardship and the onset is caused by some exceptional circumstances such as a serious illness or permanent disability.
One way that individuals can get into financial trouble is when their car payments under a retail installment sales contract become too much to handle in light of the other monthly bills that need attention. A common recourse for the lender on an auto loan is to repossess the vehicle; but how is that done?