Claiming Bankruptcy the Right Way


Claiming bankruptcy is a legal means of getting some amount of relief for debt collectors. There are several companies as well as individuals who file for bankruptcy when they find themselves in a financial mess. It a way of stopping harassing phone calls and worry. But it should not only serve the purpose of relief. One should use the time given to find a solution to the financial problem that they are in.

Claiming bankruptcy is a tedious process and one that should be done after a lot of though. There are two chapters under which you can file for bankruptcy namely Chapter 7 and Chapter 13. Both of these chapters come with strings attached on the way forward to clearing your debt. Under Chapter 7 you will have to surrender all your assets to a legal court. These will be sold off and the resultant payments will be used to clear your debts. There are a few circumstances that will allow you to retain some valuable assets like the family home, in order to give you a base to start over again.

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Under Chapter 13, a court appointed representative will work out a repayment schedule for your debt. He will be given complete control of your assets and incoming finances as well. He will also distribute this to all your debtors till all has been cleared off. The one important this here is that you will have no choice but to stick to the repayment schedule.

You have to understand that there is a fallout related to filing for bankruptcy. Your credit ratings will be severely affected and this can affect in more ways than one. Getting a loan will be difficult. Also filing for bankruptcy leaves a social stigma of sorts on your reputation and this can get awkward when you are interacting with others. It can lead to a lot of unpleasantness.

The most important thing to remember is that bankruptcy does not come for free, there is a fee involved and it is not cheap. You will need to have a bankruptcy lawyer or firm helping you with the process. Their fees are pretty high. Also there are fees involved for each chapter that you file under. While you can file for bankruptcy on your own, this can get a bit tricky and a lawyer will help you do it the right way.


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