INFOGRAPHIC: A Snapshot Of American Bankruptcy

While most consumers might be familiar with Chapter 7 bankruptcy, it’s not the end-all, be-all of bankruptcy in the U.S.

While Chap. 7 bankruptcy allows debtors to pay back as much of their debts as possible and then forgives whatever qualified debt is left over, the lesser-known chapter 13 bankruptcy allows a consumer to keep their assets and repay their debts over a three- to five-year period.

For a full breakdown of the ways Americans are calling it quits on debt, see TotalBankruptcy’s infographic below: 

Photo: Total Bankruptcy

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