Anyone in North Carolina who is contemplating a bankruptcy plan as the answer to their debt needs should first understand the two types of consumer bankruptcy. Each plan, the Chapter 7 bankruptcy and the Chapter 13 bankruptcy, has its own set of pros and cons for a consumer based upon their unique situation. The two plans operate very differently but both have the potential to give a person a fresh financial future.
If you are currently struggling under the weight of enormous debt, you are certainly not alone. In cases where debt becomes overwhelming and cannot be repaid, bankruptcy is a reasonable option to consider. Unfortunately, many people don’t realize that some debts are not dischargeable in bankruptcy – including student loans.