With todays economic woes pretty much throwing all of us for a loop. Bankruptcy is something that many of us at one point, have had to think about. While it is not the most pleasant of options, in some cases it is our only solution. This is considering sometimes the benefits of filing bankruptcy out weigh the risks of not doing so.
There are several options for filing bankruptcy, it is imperative that you find one that is the best choice for you and your family. The liquidation of your assets never sounds like something someone wants to agree to, but there are other options. The most popular choices for filing bankruptcy are chapter 7, chapter 11, and chapter 13.
Chapter 13 bankruptcy law is actually a great option for those looking to retain their assets, somewhat pay off their debt, and fully resolve a stressful situation. The basics of Chapter 13 bankruptcy law are basically this, You create a 3 to 5 year plan to pay back your debts, while retaining your assets. This puts a halt on collection calls and attempts because the organizations you owe to may only contact you through bankruptcy court. Considering collection attempts and calls can ruin our day frequently, I consider this a great option.
This is because chapter 13 bankruptcy law is more of a debt reorganization plan to put your mind at ease, in opposition to options like chapter 7 law which may include liquidation of your assets and even possessions. No one wants to lose the things they have worked so hard for.
The amount of debt you have to be in to file bankruptcy varies by state, You can find out by contacting your local state professionals, as well as a bankruptcy lawyer in your area. I find contacting a law professional for information on either chapter 13 bankruptcy law or chapter 7 bankruptcy information is your best plan. They are in the business of bankruptcy, so they know their stuff.
If you find yourself saying ” I need to file bankruptcy.” or even ” I want to file bankruptcy.” Get your facts and options straight first, this will save you a headache and even some legal trouble.
Whether you are considering looking into chapter 7 or chapter 13 bankruptcy law, remember you are not alone. Thousands of Americans look into filing bankruptcy everyday. In todays financial market, many are struggling to pay the bills and it is nothing to be ashamed of. Just get your facts straight to protect your peace and your assets. Ger more information on this topic here. Great references here.