When a person or business has debts that they cannot manage they might consider bankruptcy. This can either be done by liquidizing assets which are spread between creditors with the remaining debts discharged or through a plan to repay all outstanding debts. However, before any decisions should be made on bankruptcy, you will need to get the best financial bankruptcy advice.
Speak to a professional
The only way to get the best financial bankruptcy advice is to speak to a professional. Bankruptcy lawyers are the best people to speak to about this and you should never file for bankruptcy before consulting with one. This is due to the fact that different states have different rules and regulations regarding bankruptcy, so it always pays to speak to a professional. You will also need to get credit counseling prior to filing from a registered agency who deal with bankruptcy and are registered under the federal bankruptcy reform of 2005.
Chapter 13 or 7?
If you have decided that bankruptcy is the best action for you, you will then need to decide if Chapter 13 bankruptcy or Chapter 7 bankruptcy is right for you. When you get the best financial bankruptcy advice you will be able to get more information on this. In brief however Chapter 13 bankruptcy is better suited to individuals who are able to make plans to repay all of their outstanding debts. Chapter 7 bankruptcy on the other hand is better for people who do not have the means to set up repayment plans. Here all assets may be liquidated and the proceeds paid equally between creditors.
Living with bankruptcy
Depending on what Chapter bankruptcy proceedings you opt for will have an effect on your financial future. Chapter 13 bankruptcy makes it much easier to obtain credit in the future, although this can be tricky. People who file for Chapter 7 bankruptcy on the other hand find it much harder to obtain credit and this can last for a number of years. So as you can see it makes sense to get the right advice on bankruptcy so that you can move forward into the future with minimal difficulties.
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