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File
Bankruptcy: Chapter 7 and Chapter 13
Bankruptcy
is not as easy as it's portrayed to be. Click
Here for a more viable alternative and receive a free quote in 24-48
hours.
To
file bankruptcy, you must be legally declared unable to pay your
debts. Often, you see advertisements promoting bankruptcy as
"quick and easy", but that generally applies to the
lawyer who files on your behalf, not you. Your lawyer isn't the
one who has to live with the stigma of filing for up to 7-10
years. Bankruptcy is not a quick fix or a convenient way to
escape ones financial commitments. It suppose to be for those who have no hope of ever repaying their debts or need
debt restructuring in order to make their debt load more
manageable. Those
who meet chapter 7 requirements are allowed to wipe out
most unsecured debt. However, if the debt is secured or
something that was court ordered, chapter 7 does not let you
escape your responsibility. For example:
*
Alimony
and child support
*
Secured
debt like a home
*
Properly executed titles
or liens
*
Back
taxes
*
Recently
made purchases
*
Student
loans
Chapter 13,
or the Wage Earners Plan, allows the individual to immediately
stop collection activity and restructure payments so that they
are more manageable.
This chapter gives the individual breathing room by forcing creditors to come to the
bargaining table so that payments can be renegotiated. You will normally be discharged from this
chapter in 3-5 years.
Since filing
bankruptcy is a civil proceeding, it is public event and becomes
a part of your credit record.
If you wish to spend the next seven to ten years paying cash for
everything and don't plan on buying a car, home, or applying for
a loan, then it may be for you. Most of us don't want to live
that way.
Our program can
help you get out from under your debt load without having to
take such drastic measures or make your financial problems
public. Click on the link below and fill out our convenient
online for and a consultant will show a faster and simpler way
to manage your debts.
Free
Confidential Analysis
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