You canвЂ™t afford to pay all of your bills, and you are contemplating bankruptcy, you need to be aware of how these benefits are treated in bankruptcy if you receive Social Security benefits (SS), or Social Security Disability Insurance benefits (SSDI. But whether it is in your best interest before we discuss how these benefits are treated you should consider whether bankruptcy is even necessary in your situation, or. Before you see whether bankruptcy is suitable for you, it is necessary which you comprehend the various bankruptcy choices.
There are two main typical bankruptcies for consumers, Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is oftentimes described as a вЂњFresh StartвЂќ bankruptcy given that it discharges (wipes out) many kinds of credit card debt within about 3 months of filing bankruptcy (there are many exceptions to discharge, including many fees, alimony/maintenance, son or daughter help, figuratively speaking, and government debts that are most and fines). Many people whose only revenue stream is SS and SSDI benefits, effortlessly be eligible for a a Chapter 7 bankruptcy. Happily, this will be usually the cheapest, fastest, simplest of this two bankruptcy options.