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As far as a personal bankruptcy, there are essentially two main types of personal bankrupty:
Chapter 7 Bankruptcy : If successful, a chapter 7 bankruptcy is designed to wipe out your debts, allowing you to get a "Fresh Financial Start". Typically an individual who files for a Chapter 7 bankruptcy has a large credit card debt which may include multiple credit cards, various unsecured bills with may be associated with various assets which the payment status may or may not be delinquent. Chapter 13 Bankruptcy : If successful, a chapter 13 bankruptcy is designed to restructure of the debt in a manner w
Once viewed as a financial death sentence, the negative stigma of a personal bankruptcy does not carry the same sting as it used to. Today, a bankruptcy is now often seen as a way to get a fresh start by actually repairing your credit over a period of time.