Although you may pride yourself on the ability to deal with your financial affairs, there may come a time when you have to file for personal bankruptcy. It is not a very easy process and you have to know what you are doing in order to avoid some embarrassment. The first step is to understand that bankruptcy process. If you are not using a bankruptcy attorney it is important that you take the time to study the issues in some detail before the final bankruptcy.
The bankruptcy procedure was created to allow people to get out of the trap of debts that they cannot possibly pay back. It was a reaction to the bad old days when the public could be literally enslaved by the presence of massive debts that were simply beyond their current means. Ideally one should expect two major options when it comes to bankruptcy. The first option is chapter 7 which allows the debtor to retain all the property that has been paid for. The chapter 13 is for the consumer and small businesses. It allows you to continue to make payments in order to avoid foreclosure. The bankruptcy process is rather protracted and one has to be patient with the different procedures that they will have to go through before they get a result. You have to devote a significant period of your time to the project if you are going to succeed.
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First of all you will need to decide the type of bankruptcy that you are looking forward to. It is well known that there are no restrictions on maximum debt when it comes to chapter 7. However with chapter 13 you will need to take a closer look at your circumstances and decide whether you qualify for the scheme. In chapter 13 you are virtually setting up the system to change according to the different criteria that you have set. You will be able to make monthly payments in order to indicate to the creditor that you are serious about paying off the debt.
If you are going for chapter 7, you will need to get what is known as a bankruptcy kit. This will talk you through the different processes that must be accomplished and will also give you pointers towards some of the things that you might have to consider when going for the scheme. The local information center will have some background information on the scheme.
The whole process of creating a personal bankruptcy requires that you are honest about your financial circumstances. You will need to list all your debts, no matter how obscure they are. This is meant to give the judge a good measure of what you are facing and then they can decide whether to grant you the right to bankruptcy. If you deliberately leave out certain items then it will become incumbent on your to finish the payments on those items. The courts might even decide to throw out the entire case.
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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