When you declare that you are unable to pay your debts, you are declaring bankruptcy. This word has a negative connotation but for millions of filers, this act provides an opportunity for a fresh start. Declaring Chapter 7 bankruptcy also places your personal financial situation in the hands of the bankruptcy trustee who oversees your case. This means that some of your personal belongings could be subject to seizure. This scary issue should serve as a point of education only because most consumer filers don't lose their property.
Bankruptcy is something many people turn to when they are experiencing major financial problems with debt, and many people find that Chapter 7 seems to be the more favorable choice when compared to Chapter 13. While there are times when Chapter 13 is a more advantageous option for some people, here are the top three reasons many people prefer Chapter 7 over Chapter 13. It is faster One key difference between Chapter 7 and Chapter 13 is the amount of time it takes from the point in which you file the documents until the point where the court discharges the case.
Hi there, I am Shirley Lorenzo. Without adequate car insurance, every accident has the risk of leading to bankruptcy. Car accident damage caused by an under-insured individual can result in the inability to even own a vehicle until it's paid. Thankfully, bankruptcy attorneys can help discharge those debts and restore finances to a positive status. Bankruptcy requires the use of an attorney to navigate the complicated set of laws governing the process. I will use this site to talk about the paperwork, procedures and meetings required while pursuing bankruptcy. I will also share my knowledge about common bankruptcy court procedures used to discharge debts. Thanks for visiting my site.