When it comes down to it, sometimes in these economic times the best choice financially is bankruptcy.

There are a few choices when deciding what type of bankruptcy is best for you.  Depending on if you need to file as an  individual, business, and a special choice for farmers or fishermen.

• Chapter 7—usually for individuals with little or no assets, used to completely eliminate debts, not everyone qualifies for this type of bankruptcy
• Chapter 11—usually for businesses, a way to keep creditors at bay while creating a repayment plan, which must be approved by creditors, could last for many years
• Chapter 12—specifically for farmers or fishermen with a regular annual income, similar to Chapter 13
• Chapter 13—usually for individuals with equity in homes, includes creating a plan to repay creditors, usually requires a trustee

If you are struggling financially you may need a bankruptcy lawyer to walk you through the best options for you. It is important to resolve these matters as soon as possible and stop the harassment that comes from collection calls.