Bankruptcy is a means of dealing with the debts you can no longer pay. It helps free you overwhelming debts that have been burdening you for so long and make a fresh start! Bankruptcy ensures that your assets are shared out in a fair manner among your many creditors. Bankruptcy remains a much debated and discussed debt solution due to its many implications. But for a troubled debtor it could be as good as the light at the end of the tunnel. Generally a debtor begins the process of bankruptcy by filing a petition with a statement which details your assets and liabilities along with the list of your creditors and the total amount you owe them.
It is advisable to seek the services of a bankruptcy attorney to settle your debts. Once your bankruptcy attorney declares your inability to pay your creditors it results in a flexible repayment plan and a court decision on how much you need to pay back to your creditors. When the repayment amount and plan is agreed upon by 75% of your creditors you can go ahead. You deal with monthly repayments for a period of 60 months after which the pending amount is written off. You could also enlighten yourself on the types of bankruptcy.
Chapter 7 Bankruptcy: When you choose Chapter 7 Bankruptcy you liquidate your assets to repay your debts. A Court Trustee is responsible to liquidate your assets and use the cash obtained to pay back your various lenders.
Chapter 13 Bankruptcy: It allows you to retain your home and other valuable assets. You are offered a repayment plan which needs to be agreed up on by your creditors as well. You need to repay the determined amount over 3-5 years after which you don’t need to make any payments.
Bankruptcy Information will help you understand the process of bankruptcy and debunk the bankruptcy myths that have been holding you back from approaching a Bankruptcy Attorney.
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