Filing for bankruptcy is considered the last resort, when all else fails. If you are truly unable to pay off your debts you will have to file for personal bankruptcy. This is a huge decision and can take its toll on you, both emotionally and financially. Your credit ratings will totally plummet and you will have to begin from scratch.
When you decide to go in for bankruptcy, you will have to do it with the help of an experienced bankruptcy attorney. The first step you will do together is assess whether there are any other options that you can look into. If bankruptcy is the only way forward, you will have to start by filing a petition. This will contain a statement of assets you hold as well as liabilities. You will also have to include a list of all your creditors.
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When it comes to personal bankruptcy, there are two chapters under which you can file. These are Chapter 7 and Chapter 13. Under Chapter 7 you will have to liquidate all your assets and hand them over to a court-appointed trustee. Based on a procedure set by the court, all of your assets will be sold and cashed and the money will be used to clear off your debts. Those of your assets that are state or federal law exempt will be left. These will allow you to have some semblance of life and start afresh.
Bankruptcy can also be filed under Chapter 13 and this can be done by those who possess valuable assets like a home that you wish to retain. Under this chapter, the court will set up a repayment schedule which you will have to adhere to till all your debts are clear. You will have to stick to this plan without failing it once. There are rules that are spelt out for both the debtor and the creditor and both sides will have to follow the rules to the 'T'.
If bankruptcy seems to be the only way forward for you, then you will have to go down that path. It comes with its share of social issues where people will find it difficult to interact with you with some preconceived notions. Also your credit ratings will plummet and stay that way for several years, making loans and credit difficult to get.
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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