With the downward trend of the world economy today, many people have become financially unstable. Bankruptcy is defined as legally declaring the inability of an individual or an organization to pay its creditors. Post bankruptcy filing is an option to consider since it can provide relief to some individuals to eliminate a portion of their unsecured debt. This is especially true to those who don't have assets or income to pay off. Determine the Kind of Post Bankruptcy Filing You Need to File There are several types of bankruptcy based on the code of bankruptcy under the Bankruptcy Law of the US Constitution. Individuals doing post bankruptcy filing can consider Chapter 7 and Chapter 13 bankruptcy, while businesses can file under Chapter 7 or 11 of the Bankruptcy Law of the US Constitution. Chapter 7 is for individuals who acquired many debts and can no longer pay their basic living expenses. Also for those who have no assets anymore or no equity in real or personal property. Post bankruptcy filing under Chapter 7 will protect you from creditors in collecting any property to dismiss the unsecured debts.
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This is also called straight bankruptcy since it is simple and straightforward and can be accomplished in just a few months. One of its advantages is that it can eliminate your debts entirely rather than letting your debtors take payment in longer period. Chapter 7 is applicable only to unsecured debts such as medical bills, utility bills, and credit cards debts but will not dismiss your secured debts such as house loan; it will not protect its foreclosure by the creditors. Post bankruptcy filing under Chapter 13 is for those individuals who have significant equity in their properties but do not want to lose them or for those who are able to pay for their regular living expenses but are not able anymore to pay for additional debts. Under this chapter, a payment plan will be worked out for you and your creditors by a Bankruptcy Trustee that will be assigned to you. You are given around three to five years to pay all or a portion of your debt depending on what agreed upon. In this set up, you pay the trustee and the trustee pays your creditors.
Filing bankruptcy under Chapter 11 is for businesses who inquired debts, a repayment plan is drawn, and the operation of the business functions normally.
You Need to Seek Assistance
In doing post bankruptcy filing, it is very important to contact or talk to a bankruptcy lawyer to help you evaluate the situation and the best option for you. There are also many available sites in the web that can help you study your options. What Would Life Be After Bankruptcy After post bankruptcy filing, you may find yourself in a depressive mode. This is only natural after all the legal actions that you have gone through and the restructuring of your finances. However, life still goes on after bankruptcy and you need to survive. You need to look at the future on how to rebuild your finances and to be careful on not doing the same mistakes again.
Do not allow yourself to be controlled by the bankruptcy trauma and feel hopeless about it, remember you have taken the first step of correcting your financial troubles and now it is time to take the next step of looking for a bright future.
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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