Did you know that one out of every 70 households in the United States files for bankruptcy? Bankruptcy is common in the United States partially because 43% of American families spend more than they earn. However, bankruptcy is a viable option for many individuals because it is a way to reduce or eliminate debt. There are two common types of personal bankruptcy available, and each one is beneficial in its own way.

– Chapter 7 bankruptcy.

– Chapter 13 bankruptcy. Read this website for more information.