Bankruptcy is a last resort for many individuals, couples and business owners that are no longer able to keep a handle on their finances. The cost of living in Long Island is high and with the negative toll on the economy, almost everyone can feel the effects in some way. For those looking to deal with their debt, there are several options available. Some of these are more extreme than others and should be properly researched before pursuing them. Bankruptcy is a more extreme form of debt relief but is the best option for many people. While it can initially seem harsh, it allows many people to begin again and eventually get started on rebuilding their credit.
For those looking to file for bankruptcy, there is more than just one form. Chapter 13 is the less common one, and is typically for those that have a steady source of income. While they may be struggling from their expenses, they could eventually pay for them with some help. Chapter 7 is the more widely known form and is the liquidation of assets that many people begin to cringe over when they hear. It is actually highly beneficial for many people that file for it and can provide them with a fresh start they need.