Therefore, in order to resolve this issue, you would require assistance from a reliable individual or organization. This is when declaring bankruptcy becomes relevant. You must also know when to file for bankruptcy and when to refrain from doing so. This can be challenging at times.
If you are unable to repay your debts within a reasonable period of time, filing for bankruptcy is an excellent option. If you completely eliminate your debt by registering for bankruptcy, this is known as ""discharge of debt."" You can file for both Chapter 7 and Chapter 13 bankruptcy to eliminate the majority of your debt and start over with a clear slate.
It is also advised that you file for bankruptcy if you are unable to pay your mortgage or if your home is already in foreclosure. Bankruptcy can prevent the sale of your property. However, it wouldn't eliminate the loan on your mortgage. In addition, you can devise a repayment plan that is feasible given your current financial situation and catch up on delinquent payments.
Bankruptcy can prevent the repossession of your valuable possessions, such as your car. However, you must act quickly to apply for bankruptcy if the bank has already repossessed your vehicle. Immediate creation of a bankruptcy plan to consolidate all outstanding financial obligations.
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