Should I File for Bankruptcy?

For many people, the toughest part of bankruptcy is deciding whether to file or not. Bankruptcy is meant to help people struggling with debt to get a fresh start. But not all debts are discharged (wiped out). And if your goal is to save your house or car, bankruptcy might not help you.

Before you plunge into Chapter 7 or Chapter 13 bankruptcy, do the following:

Learn about the pros and cons of bankruptcy.
Check out nonbankruptcy options for dealing with debt. You can do that here. You might find that one of these options works better for you. Or you might discover that bankruptcy really is the best way to go.
Learn about Chapter 7 and Chapter 13 bankruptcy, so you know what happens to your property and debt, and the basic filing and case process. You can learn about bankruptcy here.

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Deciding to File Bankruptcy or Not

How Much Debt Do You Have to Have to File Bankruptcy?

You don’t need a minimum amount of debt to qualify for bankruptcy. But bankruptcy will impact your credit and deprive you of your ability to file again soon should you experience another financial crisis. So when deciding whether a bankruptcy filing will be worthwhile, consider other options, such as whether you can afford to pay back your debts or resolve your obligations with creditors outside of bankruptcy.
How Will Filing Bankruptcy Affect My Children?

Learn how bankruptcy might affect your children, including whether they'll lose property, be able to get college loans, continue receiving child support payments, and more.
Should Senior Citizens File Bankruptcy?

When considering bankruptcy, seniors and retirees should weigh their options carefully. For many seniors, certain issues crop up relating to homeownership.

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Alternatives to Bankruptcy

Alternatives to Filing for Bankruptcy

Before you file for Chapter 7 or Chapter 13 bankruptcy, find out what other alternatives might be available.

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Questions and Answers on Deciding to File Bankruptcy

What Happens to Mortgages in Bankruptcy

A major concern for most homeowners contemplating Chapter 7 or Chapter 13 bankruptcy is how the bankruptcy will affect their mortgage. Although your mortgage company can’t raise your interest rate or change other loan terms, some homeowners filing for Chapter 7 bankruptcy will lose their homes if they’re behind on mortgage payments or can’t protect all home equity with a bankruptcy exemption. If you’re behind on your mortgage, consider Chapter 13. Chapter 13 bankruptcy helps filers bring homes out of foreclosure by providing a way to catch up on missed mortgage payments.
Can I Join the Military If I File for Bankruptcy?

Depending on the branch of the military you wish to join and your particular circumstances, you may need to meet certain financial eligibility requirements before you can enlist in the armed forces. In most cases, a bankruptcy filing will not automatically prohibit you from joining the military. But

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Bankruptcy Considerations for Married Couples

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