How to File Bankruptcy - Answers to Your Bankruptcy Questions

How to File Bankruptcy - Answers to Your Bankruptcy Questions "If you are reading this, you are likely in financial distress and in need of immediate assistance to get your credit card debt and other forms of debt under control. Due to the condition of our economy, the number of bankruptcy filings has doubled in recent years. Millions of hardworking Americans have been laid off, had their pay reduced, or experienced financial difficulties due to a medical condition. Regardless of your circumstance, you should be aware that you are not alone and that this process is actually uncomplicated than it may appear. This article will discuss how to file for bankruptcy and provide information before you meet with an attorney.You must first be aware that there are two categories of bankruptcy filings: Chapter 7 and Chapter 13. The first form allows you to eliminate all unsecured debt following a court discharge. This provides a complete new start, and once you file, harassing creditor calls, foreclosures, and threats to garnish your wages or repossess your vehicle and other assets cease.A Chapter 13 bankruptcy, also known as the Wage Earners bankruptcy, is a court-mandated payment plan in which the judge determines your repayment schedule. This depends on how much money you have remaining after covering your living expenditures. Consult with your attorney regarding the filing requirements for Chapter 13 bankruptcy. Depending on your individual circumstances, this repayment plan can be 36 or 60 months long.The best method to get answers to your bankruptcy questions is to consult with a local bankruptcy attorney, who will help you determine your best options. The majority of law firms specializing in this area of law offer free consultations. In other terms, you stand to gain everything and lose nothing. Do not allow your debt to spiral out of control; instead, consult an expert and learn how to file for bankruptcy.
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