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Should You File for Bankruptcy if a Strong Economy is Just Around the Corner

Titan Consulting

Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. The bankruptcy trustee will sell any non-exempt assets to repay debtors before a discharge occurs. In many cases, you will lose secured assets such as your home and vehicles.

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FAQs About Debt Management Plans

Debt Guru

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP.