Trying to figure out how to tackle overwhelming debt, and whether you should consider bankruptcy, can be confusing.

Our bankruptcy factsheet, Bankruptcy Basics, provides helpful guidance.

Some of the things you’ll want to consider:

• How much is your debt?
• Can your debt be eliminated in bankruptcy?
• Is it the right time to file bankruptcy?
• Should I file a Chapter 7 or 13 bankruptcy?

A Chapter 7 bankruptcy is generally for an individual that doesn’t have a house and is trying to deal with medical debt and credit card debt. A Chapter 13 is often for someone that is trying to save their home from foreclosure and needs to restructure their debt.

Once you’ve answered these questions, and if bankruptcy is right for you, you can begin gathering the necessary documents. 

Our factsheet includes the list of documents, where and how to file, and details the process.

If you income qualify, you may be able to get legal help through MVLS.