Chapter 7 - Four Signs This Bankruptcy Might Be Right For You If you are drowning in debt,Nike Free Run, it might be time to consider filing for bankruptcy. While there are many alternatives for someone who is just beginning to feel the pressure from outstanding debts, once things have reached a certain point there may be no more financially responsible move you can make. Of course, this doesn't necessarily mean Chapter 7 is the right path for you. Here are four signs that it might be.Can't Meet Your ObligationsAre you faced with a pile of bills each month that you have to pick through to see which ones you can pay and which ones you'll need to wait on? Perhaps you've even considered (or already have) taking out another loan to pay for the loans you are already paying down. This is a terrible situation that leads a person deeper and deeper into trouble. There comes a time when you have the right to make a stand, and Chapter 7 bankruptcy gives you that power.Very Little PropertyIf you have ownership of very little property, going into Chapter 7 may be the best decision if you're facing insurmountable debt. This doesn't include property such as your clothing or furniture, but rather extra automobiles and a house. This kind of property can be up for the taking when you file for bankruptcy, so you need to be careful about your situation before you decide how and when to file. This is one of the reasons why, while it is perfectly legal and acceptable for your to file for bankruptcy on your own, it usually makes a lot more sense to use a lawyer.You Rent Your HomeRenters are in a much better position to file for Chapter 7 bankruptcy than those who own a home, who might want to consider Chapter 13. If you live in a state with a homestead exemption it may not make any difference,Nike Free Run 3, but this is something you need to carefully consider before moving forward. There are certainly examples of people who filed without knowing the ramifications, only to find they lost more than they were bargaining for in the process of getting out of debt.Your Debts Are EligibleGovernment-backed debts such as student loans are not eligible for discharge under the current federal guidelines. Therefore, if your primary debt comes from these types of debts, there is nothing that Chapter 7 bankruptcy can do for you. While it might relieve some of your obligations in other areas,Billige Nike Free Run, the loans themselves will still be there and you will still be responsible for their repayment.