Those who are looking into their debt repayment options are often confused by the term "straight bankruptcy" and wonder what it means. Straight bankruptcy is another term for Chapter 7 bankruptcy. This is one of the most popular and desirable bankruptcy options for individual debtors and those with families.
Credit cards are seen as a convenience for many consumers, allowing them to make purchases without their own spending money immediately. Using credit cards to pay for purchases can provide a safety net against scams and helps mitigate cash flow issues. Additionally, they can provide protection when prepaid purchases such as flights are canceled.
Going through a bankruptcy can put a lot of strain on the entire family. In addition to facing significant debts and needing to change your lifestyle, going through extreme changes such as the loss of home, cars and clothes can feel like too much to bear for many families.
Unfortunately, unpaid debts are becoming extremely common, especially when businesses do not require immediate payment for a service that they provide. If you are a debtor who is facing a threat of wage garnishment from creditors, it is important to understand the law.
Bankruptcy helps many people get out of crippling debt each year. However, this is not done without effort and determination on the part of the debtors. Getting out of debt is never easy, but it is possible when you take positive action.