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August 2014 Archives

Bankruptcy can mean debt relief

There are many rules and regulations that cover bankruptcy, which change depending on the type of filing, be it Chapter 7, Chapter 11 or Chapter 13 bankruptcy. If you are experiencing a serious personal debt crisis, you may be able take advantage of bankruptcy in order to protect you from your creditors and manage your debt. In some instances, your filing could discharge your debts completely and give you a fresh financial start. All bankruptcies are different, which is why you should never rule the option out.

Can I file for Chapter 13 bankruptcy?

When most people file for bankruptcy, they file for Chapter 7 bankruptcy. Businesses and consumers can take advantage of this common filing, which sees nonexempt assets sold off to pay outstanding debts and discharges some debts outright. Less common is a Chapter 13 bankruptcy filing, which sees people pay off their debts over a three to five year period. One of the reasons that Chapter 13 is less common is because there are more strict requirements for eligibility.

Over a third of Americans are facing debt

Credit cards can be a very useful tool for managing your finances and keeping your payments at a reasonable level, but if you find yourself unable to make your payments, they could become a gigantic problem. If you’re having problems making your credit card payments, you may be facing similar financial difficulties in nearly all aspects of your life. As bills begin to mount and your financial future gets thrown further into peril, you may find yourself losing hope. But hope is not lost, and you do have options.

Chapter 13 bankruptcy may help those with steady income

Once you make the decision to file for bankruptcy, it may surprise you to learn that you have a few options. While many people file for Chapter 7 bankruptcy, some may find Chapter 13 bankruptcy more beneficial. Chapter 13 bankruptcy, unlike Chapter 7 bankruptcy where some debts are discharged completely, it is built around a repayment plan in which debts are ultimately paid off. Under some circumstances, it can provide greater protection of personal property than Chapter 7.

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