In these tough times, it becomes difficult for people with huge debts to repay their creditors while still maintaining a decent quality of life. For people looking for freedom from debt, filing for bankruptcy is certainly an option - it can help you restart your affairs with a clean slate financially.
There are two kinds of bankruptcy - chapter 7, which liquidates your assets to pay off your creditors, and frees you from liabilities and chapter 13, where you keep your assets and pay off your creditors over a period of time. Regardless of whether you are filing for chapter 7 bankruptcy or chapter 13 bankruptcy, the decision is most likely to be a difficult one and you may need to consider your situation, options and possibly get sound legal advice to help you arrive at a decision.
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If you are filing chapter 7 bankruptcy, there is no doubt that it is a quick process - from filing to discharge, it may take about 4-6 months. An accurate and factual assessment of your assets and liabilities will be presented by your bankruptcy lawyer in front of a court-appointed trustee in a meeting which is open to your creditors and your non-exempt assets will be handed over to the trustee.
The trustee administers the estate and will pay off the creditors from the proceeds obtained by liquidating the estate. A good bankruptcy lawyer can aid you in keeping most of your assets and help you get much of your unsecured debts written off at the same time.
The best part of filing chapter 7 bankruptcy is that the law provides an automatic stay that acts against creditors from trying to collect debts that were incurred prior to filing. You will find those troublesome calls and letters from your creditors ceasing - it would be illegal for them to badger you to repay them as you would be legally protected from such unwanted attempts to reestablish contact. That's not all, you can talk to your attorney and find ways to minimize or write off unsecured debt and retain as much of your assets as you can.
If you do not qualify for filing chapter 7 bankruptcy, you can still file bankruptcy under chapter 13. A good bankruptcy lawyer can help here too - starting from providing counsel, filing your petition in bankruptcy court, and representing you in court to conducting negotiations with creditors to write off debts, obtain discounts and renegotiate interest rates and payment plans.
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