What is Bankruptcy Overview?
Who have become overwhelmed for individuals by large amount debt. Filling for bankruptcy is a potential solution fill for bankruptcy can allow someone with high debt to resolve the finance problem they face and possibly even start over with a clean slate before getting started.
The bankruptcy should be notes that. Although bankruptcy may help you get rid of some up to 10 years such as if you would like get a loan, you may not get because bankruptcy is a serious step and how much you can help depends on your situation and if you are thinking about bankruptcy, you should talk to a lawyer. Bankruptcy may make possible for you to get rid of the legal duty to pay some kinds of debt including medical debt, utility bills and credit card debt.
Declaring bankruptcy can also temporarily stop certain actions by creditor including:
– Foreclosure on your home
– Repossession of car or other property or force the creditor to return property even after it has been repossessed.
– Wage garnishment, debt collection harassment and similar creditor actions.
– Getting your utility service back or keeping it from being cut off.
Bankruptcy cannot fix every financial problem:
– Stop you from going into debt in the future.
– Get rid of debt by the bankruptcy law for special treatment
Type of bankruptcy the 2 most common. Types of bankruptcy for individuals who have fallen on finance times is chapter 7 and chapter 13
-Chapter 7 is straight bankruptcy of liquidation case.
-Chapter 13 is reorganizations.
This decision should be made only with competent legal advice from an experienced bankruptcy attorney after a review of all the relevant facts of the debtor’s case.