For many, it becomes impossible to make ends meet in today's environment.
Bills often exceed income whether as a result of the loss of a job or simply from over spending.
If you are one of the many thousands of Americans currently experiencing financial problems which may have lead to a creditor filing garnishment, foreclosure or other collection proceedings against you, there may be a solution to your problems. Under Federal Law most individuals are eligible to either have their debts discharged in their entirety or restructured in a manner that will allow them to pay their debt over time in an orderly fashion. The laws that allow a party to do so are known as the Bankruptcy Laws of the United States. There are basically four types of bankruptcy proceedings. The first and perhaps the most common type is a Chapter 7 proceeding.