Which type of Bankruptcy should I file when my wages are being garnished?

The decision of whether to declare bankruptcy is among one of the most significant personal financial decisions you can make and each situation is a little different.  Declaring bankruptcy negatively impacts your credit and will remain on your credit record for between 7 to 10 years, but it will release you almost all debts you have accrued.  It may release certain forms of garnishments depending on the type and when the garnishment was entered.  A bankruptcy attorney can determine if your garnishment situation would be relieved through bankruptcy. 

The most common forms of bankruptcy filed by individuals are Chapters 7 and 13.  Before deciding whether filing bankruptcy would be right in your situation you should speak with a bankruptcy attorney and/or a financial planner to fully access the long-term consequences of filing for continuing to pay your monthly payments.  In certain situations, creditors might be willing to renegotiate debts, making filing for bankruptcy less appealing, and in other situations the fight to continue making minimum payments is simply not sustainable.  Speaking with a person who practices in this area should offer more insight.