Having debt is like living with a rain cloud following you around everywhere you go. It's always in the back of your mind- worrying and distracting you. Thankfully, filing for bankruptcy is a viable option for many people living with overwhelming debt. It's not an easy decision to make, but the faster you decide to file, the sooner you can get on with the rest of your life. Because the process may seem confusing or intimidating, there are things you need to know before considering filing for bankruptcy.
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First of all, you need to decide which chapter of bankruptcy is right for your situation. Many people file for Chapter 7 bankruptcy. Those who do usually have no means of paying back their debts and some of their property may be liquidated to repay some of their creditors. Others who have some means of paying back their debts but consistently cannot meet their monthly expenses file for Chapter 13 bankruptcy. When filing for this type of bankruptcy, a person is given a payment plan that re-works their debt to a level manageable level.
A discharge frees the debtor from certain types of debt and causes them to be no longer legally required to pay those debts, but there are some debts which cannot be discharged. These are included under the various chapters of the Bankruptcy Code under Section 523(a) and are not able to be discharged because of public policy reasons, the debt incurred as a result of improper behavior, or student loans, among others. Other types of non-dischargeable debts can be found in the Bankruptcy Code Section 523.
An order of discharge may be denied in some cases which are covered in detail in section 727(a) of the Bankruptcy Code. They include, but are not limited to, failure to provide necessary documents, concealment of property, and other fraudulent acts. Creditors may sometimes try to deny a discharge in a Chapter 7 bankruptcy, but cannot object to a Chapter 13 bankruptcy, only the payment plan. There are also regulations on how frequently you can file for bankruptcy. The time between filing for Chapter 7 bankruptcies is 8 years and the intermediate time between a Chapter 13 and a Chapter 7 bankruptcy must be 6 years.
The better informed you are before filing for bankruptcy, the swifter the process and less anxiety for you. By knowing the basics of the different kinds of bankruptcies, the difference between a dischargeable debt and a non-dischargeable debt, and when discharges can be denied will help you navigate the process of bankruptcy so that you can get rid of that rain cloud that's been following you for far too long.
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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