Being stressed out about debt is no fun and coming to the decision that filing bankruptcy is your only way out of your financial trouble can many times relieve the pressure. After making the choice to file bankruptcy, you will also need to decide whether to file Chapter 7 or Chapter 13. If you decide to file bankruptcy under Chapter 13 you will be required to make monthly payments to the bankruptcy trustee who will then distribute the money based on the payment plan that was approved by the bankruptcy court. The reason most people use Chapter 13 is to stop a foreclosure and save their house or if they have many assets they might lose because they would end up being nonexempt in a Chapter 7 bankruptcy.
