Bankruptcy
Chapter 7: For those who wish to eliminate their debt entirely and make a fresh start, filing for bankruptcy under Chapter 7 may be the best solution. Chapter 7 protects certain assets such as your home and automobile.
Chapter 13: Agree to a payment plan in exchange for reduced debts. Your home, vehicle, and other assets are protected. Home foreclosures and car repossessions can be stopped by filing Chapter 13 bankruptcy.
