If other debt relief options don't work for you, you have one final solution and that is filing for bankruptcy. Still, you can choose between Chapter 7 and Chapter 13. What are these things about?
People who are suffering from extremely large debts can file for the Chapter 7 Bankruptcy. In this case, your debts will be liquidated and your responsibility to make payments will be relinquished. However, you must be aware that this decision will stay on your credit report for seven years! Within this period, you will truly find it hard to secure any form of credit.
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The Chapter 13 is similar to the first mentioned but the only difference is that you will be required to pay a huge portion of the debts. For about five years, the court will manage your income and will be responsible of paying off your debts. The bankruptcy will also remain on your credit report, but it will also be indicated there that you paid some of your debts unlike that of Chapter 7.
Regardless of the option that you choose, it will still be reflected on your credit record. This will make it even harder for you to secure funding or loans in the future. Just imagine living your life on your own, without getting legitimate help or loans from companies. This is a lesson learned on the part of the debtors.
If you have no other alternative but to file for bankruptcy, you have to talk to a competent lawyer. That way, you will know which options are best - whether to file the Chapter 7 or the Chapter 13. The lawyer can help you with your decision and at this point, you might also want to consult a reputable credit counselor.
The counselor can help you with debt management. Learn the basics so that you can no longer incur huge debts in the years to come. Having the self discipline is also vital.
Debt relief is possible but bankruptcy should always be your last choice to get out of debt. By knowing the consequences of your actions, you can make an informed decision that you will not regret. Good luck to you.
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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