Personal Bankruptcy pertains to the declaration of insolvency due to unforeseen expenses like medical, credit card debt accumulations, divorce settlements or some other emergency situations and can cause lot of disruption and worry to the concerned person. In such a situation, bankruptcy should be declared only as a last resort while opting for out of court settlements, though a professional mediator might be more advantageous.
There are two chapters of personal bankruptcy that can be filed and you should be familiar with both of them, but be aware that it will be the court's choice, not yours, as to which chapter you are allowed to file. Also be aware that there are some types of debts that cannot be wiped out by any type of bankruptcy, including student loans, child support, back taxes, and various others.
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Once you have decided that declaring personal bankruptcy is the only option, after due consideration of all other means of settlements, it would be better to have a thorough knowledge of the various procedures involved as well as the types available for choosing the right option for you. The first step would be seeking the guidance of a professional lawyer rather than opt for online bankruptcy procedures for safety reasons.
Chapter 7 and Chapter 13 are the two types of personal bankruptcies available to a person. Liquidation of assets, individual debtors, eliminating existing debts, etc all fall under chapter 7 while chapter 13 deals with consumers who have a temporary settlement problems with a steady and regular income and in this section, there is a repayment plan for period of 5 years for settling the debts to creditors.
Approaching the State Bar Association for seeking the help of a reputed attorney can be very helpful and while filing a petition, the debtor may be required to produce the required documents like income and expenses accounts, total creditors debts due, etc. Apart from filling out the form for the petition, you must provide a correct and honest picture of the exact situation for a successful bankruptcy appeal. Ensure that your lawyer is of good reputation and verify and understand all the terms and conditions before appointing him as your legal counselor.
Personal Bankruptcy can be a very emotional and disturbing fact to declare, but can definitely help you get a fresh start in life. But it should only be considered as a measure of last resort as explained more fully at our web site.
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