Bankruptcy is scary for one main reason: Lack of information. We are always scared of the things we don't know. Many of us just figure we will never have to worry about bankruptcy because we have always been good about paying bills or making payments and so we never take the time to learn about it. However, sometimes it is necessary to go through bankruptcy in order to get back on your feet, no matter what your situation is. Here are a few answers to some of the most common bankruptcy questions.
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What exactly is Bankruptcy? Do be as simple as possible, bankruptcy is a way for good people to get out of debt and back on their feet. It is a way of filing in front of a court and allowing the court to decide how to work out the debts to creditors or to forgive the debts altogether. This will largely depend upon your current financial situation (i.e. current employment and income). How do I file for Bankruptcy? This is another important bankruptcy question. It is fairly simple depending on what process you use. You can either go through an attorney that specializes in these things or you can try to do it yourself. First step is to take a questionnaire and decided if bankruptcy is really the right step for you. Then you need to decide what chapter of bankruptcy you want to file for. Chapter 7 or Chapter 13? If you are a homeowner you will most likely go for a chapter 13. This deals for those that have a steady job and income and have run into problems with house payments and other credit card debts. Chances are you can keep your home, but you will have to make payments for about 3 to 5 years to your creditors. Chapter 7 filings pretty much are made up of selling any remaining assets and paying off debts to the best of your ability but then you are forgiven of those debts completely.
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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