Elizabeth's Money Trouble By: Ethan and Elizabeth
Ethan, I made some bad decisions with my money and I need your help.
It's okay, Elizabeth. Everyone makes mistakes especially with their money. What mistakes did you make?
I have too many monthly payments so I got credit cards to help pay it off and now I don't have enough money to pay anything off.
Well you could always consider bankruptcy if you cannot pay your debts but I would recommend you to fix your spending habits and stop using credit cards as well.
Bankruptcy protects people and businesses by giving them a second chance when they make bad decisions and helps them get out of debt when they cannot pay off their debts.
Huh. What are my options for bankruptcy?
You can do the shorter option and give up some of your things called Chapter 7 bankruptcy. Or you could do the longer option where you eventually pay most of your money back but do not give up your things called Chapter 13 bankruptcy.
So if I do Chapter 7 bankruptcy I don't have to pay my debts? I just have to give up some of my stuff?