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How can a family best dismiss huge unsecured debts and survive on a small income?

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Wiki User
2005-11-24 19:57:30
2005-11-24 19:57:30

The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.

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