November 11, 2012
Filed under: Bankruptcy ? admin @ 8:05 pm
Sometimes, life deals you a bad hand. One thing leads to another and you wind up having to declare bankruptcy, in order to protect yourself and your family. Even if you have lost this round, bankruptcy proceedings can give you a chance to stack the deck in your favor for your next round. But you need to be familiar with the options available to you. A highly qualified bankruptcy attorney is a must.
Chapter 7
Know that calls and letters from your creditors will stop after you declare bankruptcy. Whether you file Chapter 7 or Chapter 13, the people to whom you owe debts are forbidden from harassing you about your debt. If you receive a lot of collection calls, freeing yourself from this constant contact can be a huge relief.
Once you determined that you want to file for bankruptcy, it is important that you figure out which type is best for you to file.? Of course your attorney will guide you through this process. For instance, with Chapter 7 most of your debts will be relieved, and you can keep certain property. With Chapter 13 your debt gets restructured, and you are given a certain amount of time to pay it off.
Familiarize yourself with the requirements for different types of personal bankruptcy so you can decide which type is most appropriate for you. Chapter 7 bankruptcy offers low-income debtors the ability to liquidate their assets to repay debts. Chapter 13 requires you to have a steady source of income so that you can repay debts over time.
Bankruptcy will not harm you for the rest of your life. Just because you have gone times, does not mean that there is no sign for hope. Now that you know how to live a better life while you get through your bankruptcy, you can focus on rebuilding your finances and your credit history.
Source: http://www.redhilllawgroup.com/blog/2012/11/surviving-your-bankruptcy-helpful-tips-and-advice/
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