Recent proposals by some in the federal government to make available for anyone who qualifies for admission two years of free college education showcases the importance of higher education in today's highly competitive job market. More people than ever are taking college coursework, many by using student loans to fund the endeavor.
Making the decision to file a personal bankruptcy petition can be a big step, but the petition itself is only part of what you need to consider. Regardless if you choose a Chapter 7 or a Chapter 13 path, before you can take advantage of a Chapter 7 liquidation a Chapter 13 payment plan you need to be aware of two additional requirements under federal bankruptcy law: credit counseling, and debtor education.
When anyone files for personal bankruptcy, they will have to decide whether they want to go with Chapter 7 or Chapter 13. These two forms of bankruptcy are very different, but in either case, they can help a debt-ridden individual (or simply someone who needs help regaining their financial footing) reclaim their fiscal livelihood.