If a person is in deep debt to his creditors and has exhausted all measures to repay them, the last and, perhaps, only resort he may think of is to claim bankruptcy. Bankruptcy is the lack of capacity to pay debts, which is declared, legally. There are lots of ways to go bankrupt. It may be through the partial or non-payment of the due amount on your credit card that results to compounded interest rates.
Another example could be an in-house financing loan which you fail to pay on time leading to foreclosure of your property. Still, one more case could be an insurance company that is not able to release the dividends due to the insurance plan holders.
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Though bankruptcy may find the debtor dishonored, this will, effectively, help him in his financial woes. If you can afford it, you can hire a bankruptcy lawyer, but it can be very costly. So, you can hire one just to prepare the necessary documents then do the rest. Also, be familiar with the facts regarding bankruptcy and the types to know what is best for you.
These are the most common chapters of bankruptcy:.
Chapter 7 - In exchange of fulfillment of your debts, your properties are liquidated wherein some of them are sold. Profits from the liquidation do not, necessarily, cover all kinds of debts.
Chapter 11 - Companies and corporations fall under this category, though, individuals may file this type to give them a payment scheme to save their properties from being foreclosed.
Chapter 13 - To be eligible for this type, your salary must be more than what you spend. This is essential since a portion of your paycheck will be used to pay what is owed until it is completed.
Before you even consider filing, you have to make sure that this is the only option you have. This is, since, this will give you a credit standing that puts you in a bad light.
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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