Bankruptcy should be considered only as a last resort. The effects of filing for Bankruptcy protection are long-lasting - up to 10 years in certain states. Recently the rules for filing Bankruptcy changed, and it is now harder than ever to wipe the slate clean.
There are two types of bankruptcy protection: Chapter 7 and Chapter 13. Each one has its own pros and cons, and the right filing for you depends on a number of different factors. In the end it’s best to consult a bankruptcy lawyer to discuss your specific scenario, but this should only be done as a final resort after all other options have been exhausted.
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Bankruptcy Information
US Bankruptcy Laws
Find out about your states bankruptcy laws to help decide if bankruptcy is a good option for you.
Bankrupt:
When a person is insolvent and unable to pay their debts.
Bankruptcy Alternatives:
Solutions to debt problems that do not involve filing for bankruptcy. These include debt settlement.
Bankruptcy Lawyers:
Lawyers that specialize in the bankruptcy process. Typically, however they are uninformed or uninterested about bankruptcy alternatives available to people in debt.
Bankruptcy Protection:
U.S. Bankruptcy Law provides for individuals and business to reorganize their finances under bankruptcy protection. There are provisions for both reorganization as well as liquidation.
Bankruptcy Rules:
There are many rules that govern the bankruptcy process. The requirements have become much stricter than they were even just a few years ago due to changes in bankruptcy law.
Benefits of Bankruptcy:
Bankruptcy can allow a person or business a fresh start but at a terrible cost to pay, with long-lasting consequences.
Chapter 11:
This chapter of the U.S. bankruptcy code provides for the reorganization of a corporation or partnership. Individuals in business can also file under Chapter 11.
Chapter 13:
This chapter of the U.S. bankruptcy code provides for the reorganization of individuals in which all or some of their debts are repaid, as opposed to their assets being liquidated.
Chapter 7:
This chapter of the U.S. bankruptcy codes provides for the liquidation of an individuals or a company’s assets to settle debts with creditors.
Declare Bankruptcy:
Generally speaking, declaring bankruptcy is something that should be avoided at all costs. TV lawyers may tell you that this is the way to go, but don’t believe it. Other programs such as debt settlement are far more successful for reorganizing one’s personal finances, without the damaging consequences of bankruptcy.
Going Bankrupt – This is often one of the unfortunate end results when consumers are overburdened with debt. Fortunately, going bankrupt can be avoided in most cases with the aid of a debt settlement or debt management plan.
Filing Bankruptcy:
Bankruptcy should be considered only as a last resort. The effects of filing for Bankruptcy protection are long-lasting - up to 10 years in certain states. Recently the rules for filing Bankruptcy have changed, and it is now harder than ever to wipe the slate clean.
How To File Bankruptcy:
Filing for bankruptcy is a complicated legal process best left to the experts. A bankruptcy attorney is always recommended. However, debt settlement is a far better solution for debt than bankruptcy.
Personal Bankruptcy:
Federal law allows for an individual or business that is unable to pay off their debts to reorganize by filing for bankruptcy. It is a very stressful process that will all but put an end to one’s credit rating for a very long time.
The decision to reach out for help with your debt is not one that's easy to make. You were raised to "do the right thing", but now it’s nearly unbearable. You struggle along while your creditors are turning up the heat. And now you’re at the point where the late fees, penalties and interest expense make it impossible to keep your head above water.
Ask yourself this. If you could eliminate your debt without permanently damaging your credit, why wouldn't you?
