Another reason that people get into debt is because they made the wrong choice in partners. See, The Debt Trap: How Your Life Choices Impact Your Financial Future, Chapter 2.
If you are stuck with debts because you had a fiancé who was a problem, you may have to file a bankruptcy to get a fresh start. If you fell behind on a secured debt such as a mortgage or vehicle which you want to save, you would file a Chapter 13.
If it is just credit cards or a lawsuit, then you would file a Chapter 7 if you qualify and are under the median income.
Either bankruptcy will create a stay, except in limited circumstances regarding prior bankruptcies dismissed within the last year which you must discuss with the lawyer. However, if this is a 1st filing there is no issue with the bankruptcy stay.
Thus, if you made a mistake and incurred debt because of a poor choice in your relationship, you can either file a Chapter 7 or Chapter 13 depending on your circumstances.
If you have any questions concerning this matter or any other matter contact TAIEBLAW at 856-235-4994 or visit our website at TAIEBLAW.COM, and schedule a FREE initial consultation.
Steven N. Taieb, Esq. has been a South Jersey Bankruptcy Attorney for over 34 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.