In order to get rid of your debt because of a bad marriage, bad business decisions or even as a result of the downturn of the economy, you may decide to file for bankruptcy. Bankruptcy may be looked upon favorably by users who have amassed large amounts of debt and have no reasonable means of repaying creditors. Filing for bankruptcy may be the ideal solution, but it can also have enduring effects that can prevent you from buying a car or home and even from opening and keeping a bank account. As you consider filing for bankruptcy, you should first talk to a certified bankruptcy attorney to comprehend your current circumstance. For example, if you live in Van Nuys, you may want to see a Van Nuys bankruptcy attorney for assistance.
Why file?
The overwhelming debt may have creditors hounding you, and you may find yourself stressed and without any reasonable means of repaying the debt. People who pay their bills on credit, or individuals who constantly see themselves unable to make minimum payments may need to seek assistance from an attorney to deal with the bad situation. Remember, bankruptcy is not for everyone, and it is especially not for users who have accumulated sizable amounts of debt due to unnecessary spending on trips, cars, clothes and other items the individual may not need.
Types of Bankruptcy
Individuals who are thinking about bankruptcy, do so under either Chapter 13 or Chapter 7 bankruptcy. The different types of bankruptcy chapters are structured to aid certain types of individuals. With Chapter 13 bankruptcy, you are given a court-ordered repayment system; however, you must have a fixed income to file for Chapter 13. In order to make payments on your debt with Chapter 13, you pledge to hand over some future income, but you may be able to keep your house and car. Chapter 7 differs in that it will eliminate most, if not all of your debt excluding any child support or alimony debt. The difference with Chapter 7 is that most, if not all of your property will be sold to deal with any outstanding debt you may owe. No matter which type of bankruptcy you file under, you will be given a restraining order to prevent creditors from further hounding you, and you will be required to attend mandatory credit counseling six-months after filing.
Visit an Attorney in your Area
Please note, only a certified bankruptcy attorney can help you understand whether you should register for bankruptcy or not. For instance, if you live in Woodland Hills, you may want to visit a Woodland Hills bankruptcy attorney to get an exact understanding of what alternatives you have available. By talking to a local attorney, you can also find out the unique facets of bankruptcy laws within your state.
Why file?
The overwhelming debt may have creditors hounding you, and you may find yourself stressed and without any reasonable means of repaying the debt. People who pay their bills on credit, or individuals who constantly see themselves unable to make minimum payments may need to seek assistance from an attorney to deal with the bad situation. Remember, bankruptcy is not for everyone, and it is especially not for users who have accumulated sizable amounts of debt due to unnecessary spending on trips, cars, clothes and other items the individual may not need.
Types of Bankruptcy
Individuals who are thinking about bankruptcy, do so under either Chapter 13 or Chapter 7 bankruptcy. The different types of bankruptcy chapters are structured to aid certain types of individuals. With Chapter 13 bankruptcy, you are given a court-ordered repayment system; however, you must have a fixed income to file for Chapter 13. In order to make payments on your debt with Chapter 13, you pledge to hand over some future income, but you may be able to keep your house and car. Chapter 7 differs in that it will eliminate most, if not all of your debt excluding any child support or alimony debt. The difference with Chapter 7 is that most, if not all of your property will be sold to deal with any outstanding debt you may owe. No matter which type of bankruptcy you file under, you will be given a restraining order to prevent creditors from further hounding you, and you will be required to attend mandatory credit counseling six-months after filing.
Visit an Attorney in your Area
Please note, only a certified bankruptcy attorney can help you understand whether you should register for bankruptcy or not. For instance, if you live in Woodland Hills, you may want to visit a Woodland Hills bankruptcy attorney to get an exact understanding of what alternatives you have available. By talking to a local attorney, you can also find out the unique facets of bankruptcy laws within your state.
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