People acquire debt for many different reasons. Some people are very diligent with paying off their credit cards at the end of every month. Then there are others that believe charging is the way to live. Still others use a monthly budget and work hard to keep their bills in line. No matter what, life still happens... Someone loses a job, plumbing breaks, etc. Even the best planner has a pitfall or two in their lives which can sometimes lead to the least desired of all outcomes - bankruptcy. If you are considering this option know that the law allows for two types of bankruptcy filings to help you.
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Chapter 13 bankruptcy, allows an individual or even a small proprietary business owner to pay back their debts if they desire. You must have a good job and owe less than $250,000 in unsecured debt and $750,000 in secured debt. The court will set up a payment schedule with you and you will be required to make those payments each month. You cannot miss any payments or your filing will be dismissed. This filing generally stays on your credit approximately 7 years if your account stays in good standing.
A Chapter 7 bankruptcy discharges all of your existing debt and you are not required to pay back your debt as in a Chapter 13. This helps an individual to get a new start in life, or a "clean slate".
Be sure to research and find a good bankruptcy lawyer since you cannot file a bankruptcy on your own. A lawyer will advise you which filing would be best for your situation. He will speak on your behalf against your creditors. Make sure your lawyer has all of your debt information, such as account numbers and totals. Do not hide anything from your lawyer as this will only hurt your case so be prepared to answer all questions, even those of a personal nature. He may ask you if you feel you can take care of your children, buy groceries and clothe your children while you are making payments for the next 3 years. In the end, either choice of filing you make, you should be in much better shape.
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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