Student debt is a fact of life for nearly 50 million Americans. Some high-income earners stay on top of their debt or pay it off entirely thanks to stable jobs. Yet millions of others aren’t so lucky, falling behind on payments that frequently total more than a mortgage.
Dealing with large amounts of debt is a difficult situation. While declaring bankruptcy can be an option to help people move on, many are reluctant to do so.
Being in debt is a horrible situation for anyone. Deciding whether to file bankruptcy is not any easier. Bankruptcy does offer a chance to move forward though. Some people considering bankruptcy are not aware that there are two types available: chapter 7 and chapter 13. Both types have pros and cons to weigh.