Finances are probably the most common problems that everyone experiences. In fact, even well-off people are sometimes bugged with such situations. Indeed, money problems do not choose their victims. That's why several solutions were formulated to help people in facing their financial difficulties. One of these is bankruptcy, a highly controversial debt relief solution which garnered excessive popularity over the years.
Bankruptcy is a legal process where a person declares total financial crisis and inability to pay his debts. This may happen if the person no longer has the means and resources to pay his creditors. Used mainly as the last option for debt relief, bankruptcy involves a rather grueling process of property inspection, debt analysis and even credit negotiations. Bankruptcy offers a wide range of options for every kind of situation. Options such as Chapter 7 bankruptcy and Chapter 13 are included in the laws governing the bankruptcy process.
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Contrary to what you may have heard, declaring bankruptcy is not limited to poor people. Actually, statistics shows that wealthy men are more susceptible to this kind of situation. Since poor economic conditions left most real estate businesses bankrupt, even affluent people have no other options but to declare themselves bankrupt.
Before you file for a personal bankruptcy, make sure that you've harnessed all the other options for debt relief. Remember, use bankruptcy only as your last resort.
Important Reminders
Here are some useful facts about bankruptcy:Since bankruptcy is a legal process, it leaves a mark on your credit history for up to 10 years. Most employers don't like this, so you really have to be 100% sure when you file your bankruptcy. Filing for a Chapter 7 type of bankruptcy requires a lot of things and considerations. Also, according to the laws which influence the process, you can file this type of bankruptcy only once every 8 years. Do not rush into paying all your creditors after your bankruptcy declaration. Doing this could cause additional problems to you. For one, you could be sued with criminal cases. Remember, only the trustee has the authority of repaying all your creditors.
Tips for Filing a Personal BankruptcyDo your homework and research about the various types of bankruptcy and the conditions involved in each of them. The two most commonly used bankruptcy types are chapter 7 and chapter 13. Chapter 7 involves an asset liquidation payment plan where all your qualified properties are sold. Then the income will be used to repay your creditors. On the other hand, Chapter 13 provides an easier transaction for individuals. Choose an appropriate type of bankruptcy for your situation. For this, you might want to consult your lawyer who will give you some useful advice on the different processes involved in each type of bankruptcy. Always consult a lawyer for every action you'll take. While this one might produce extra costs for you, the services of an attorney still prove to be a great advantage. Make sure that you provide all the necessary information about your debts.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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