There are different categories of bankruptcies, which may be referred to as 'liquidations' or 'reorganizations'; this depends on which type of bankruptcy you opt for. Chapters 7 and 13 have been created to help private consumers and companies to repay or cancel their debt with the bankruptcy court's protection.
If you choose the option of the Chapter 7, you will be liquidating your property or assets and turning them into cash, in order to refund your debts as effectively as you can. This should leave you enough money to start off again without having to pay off debts for years to come.
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Bankruptcy with Chapter 13, known as the reorganization of debts is the most common option chosen by private consumers. They may pay off their debts with the protection of the court over a period of three to five years.
Both these bankruptcy options do have certain variations or exceptions depending on the kind of debts they will be treating. There may also be difference according to who is filing for bankruptcy and which property the person filing for bankruptcy will be allowed to hold on to.
Bankruptcy law has gone through recent changes, requiring all debtors to look for credit counselling before they can file for bankruptcy. This is obviously an attempt to decrease the number of bankruptcy requests. It is nonetheless a good solution, which every debtor should envisage in order to pay off debts in the best possible way.
Debt relief counselling can help you avoid bankruptcy and improve your financial management, in order to make living debt-free easier to obtain. You can obtain debt relief counselling with companies specialized in budgeting and debt management. You also have the option of seeking the aid of a bankruptcy lawyer who will detail all the possibilities when filing for bankruptcy, or may advice you to choose other strategies to get out of debt and avoid bankruptcy.
If you do opt for bankruptcy with Chapter 7 or 13, you will have to look for credit counselling before you are entitled to proceed. You must choose an agency that has been approved by the United States Trustee's office, for the bankruptcy court does not accept any use of informal repayment plans any other agency may propose.
So it may be a good idea to look for debt relief counselling before filing for bankruptcy, as there are many valid repayment plans a bankruptcy attorney can suggest, in order to get out of debt effectively.
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