Bankruptcy is a very powerful debt relief option. In this post I will briefly discuss about what bankruptcy is. Whether you should file for bankruptcy or not is too broad of a topic to cover in this post.
There are several different chapters of bankruptcy, however most consumers will generally file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
A Ch. 7 Bankruptcy, also commonly known as a liquidation bankruptcy, is where all of your non protected assets are sold and used to repay your creditors. Often, nearly 95% of the cases filed in our office, all assets can be protected. In other words, your debt is discharged (you don't owe the debt anymore) and you get to keep all of your assets.
A Ch. 13 Bankruptcy, also known as a repayment plan bankruptcy, is where they look at your income and expenses. Your disposable income will be paid to the trustee on a monthly basis and the trustee will make payments to your creditors for approximately 3-5 years. If you sucessfully make all the payments your debt will once again be discharged.
Although you may file a bankruptcy petition yourself, I would highly recommend speaking with an attorney first.
Everyone use Credit Cards and this is very important that all person know about use and pay credit with it.
ReplyDeleteEvery person is facing debt and wants debt relief.. Its very important for the people to know about bankruptcy.
ReplyDeleteThanks for sharing
There are various ways by which a person can get relief from debt.Bankruptcy is one of the safest way to get rid of this crisis. But there are certain qualifying parameters for filing for bankruptcy.The first being whether the debtors income is less than the established personal assets or personal savings because of which he is unable to make payments and hence can file for bankruptcy else debt consolidation or credit counselling companies can be other methods to help one to get rid of the piling mound of debt.However,before going for any kind of debt payment arrangements,it is always advisable to consult an attorney general for first hand help.
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