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As increases in educational costs far outpaced wage growth in recent decades, the student debt swelled to historic levels. Student loan balances have increased 150% in the last decade, and as of early 2018, outstanding student loans totaled $1.49 trillion.

Chapter 7 is the debt discharge or liquidation form of bankruptcy, while Chapter 13 is more of a reorganization or debt restructuring. Some tips to keep in mind if you decide that bankruptcy is your best option, here are eight tips to keep in mind as you move forward.

The idea of getting a credit card after bankruptcy may be daunting, but don’t swear off credit cards entirely. One of the most important steps in starting over after bankruptcy is rebuilding your credit score, and a credit card can help you achieve that goal.

Technically, bankruptcy laws allow you to file as frequently as you wish, but you will only receive a discharge if enough time has lapsed since your previous discharge. Therefore, it’s important to be aware of the limitations so you do not waste money and time filing for bankruptcy when you are ineligible for a discharge.

There is no requirement that you be a U.S. citizen, or even have a green card—anyone who is living in America legally can file for bankruptcy in this country. In addition, there are no laws that indicate filing for bankruptcy will prevent the United States Citizenship and Immigration Services (USCIS) from approving your green card, visa or application for citizenship.

Individuals who are considering bankruptcy are often concerned about the effect it will have on their employment. For example, will your employer find out you filed for bankruptcy? Could you be fired because of it, or be denied a job during the application phase because of a bankruptcy filing?

As you consider filing for Chapter 7 or Chapter 13 bankruptcy, you may be understandably concerned about the effect it will have on your credit score. The damage done to your score will depend most heavily on how good your credit was from the start.

Your ability to keep your car when filing for bankruptcy depends on several factors, including the type of bankruptcy you are filing, the status of your car payments and the equity status of your vehicle.

If you are facing a potential foreclosure of your home, bankruptcy can help you bring the process to a halt, at least temporarily. This depends on the form of bankruptcy under which you file. The foreclosure process typically begins when you fall behind on your mortgage payments.

Chapter 13 bankruptcy is one of the most common tools for people to relieve their debt burden and set themselves up for a better financial future. The following are a few of the most common questions our bankruptcy attorneys receive about filing for Chapter 13: