There was a time when people used to look down on those who file for bankruptcy but this is not the case today. Now it is just another way of getting out of their financial worries and starting afresh. Today bankruptcy is seen as a truthful means of coming out of debt for sincere and hardworking people.
Bankruptcy can be due to many reasons like disability, failure in business, job loss, prolonged illness etc. The bankruptcy law is made and managed by federal law and mainly bankruptcy is filed under Chapter 7, 11, 12 and 13. Chapter 7 is the most preferred law as it releases you from all your debts except for student loans and child support payments. It's also called straight bankruptcy where you can keep assets like car or home if you can reach an agreement with your creditors to keep paying for them. Chapter 11 is business related bankruptcy protection which allows you an opportunity to reorganize your business by making payments to your creditors while still operating your business.
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Chapter 12 covers farmers and family fishermen and is less expensive and easy to file. Compared to Chapter 13 it offers greater reorganization possibilities of debt amount. Chapter 13, on the other hand, doesn't eliminate personal debts but provides an opportunity to make payments to your lenders in next 3-5 years time while retaining your assets. Bankruptcy Attorneys make sure that you don't have to tolerate the harassing creditors anymore and fall prey to depression and despair.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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