When Debt Disappears: Chapter 7 Bankruptcy And Discharges
Many need the potential help a Chapter 7 filing might bring. It's important for filers to know what can and cannot be forgiven when they file, however. Not all debts are eligible for discharge, and knowing about the various types of debts should be a consideration for filers. Read on to find out what is meant by a discharge and what types of debts are the most likely to be discharged.
4 Things To Consider Before Filing Chapter 7
Chapter 7 bankruptcy is an option designed to give people in financial difficulties a chance to start fresh. There are, however, some key issues you'll want to consider before you petition the court. This article examines four concerns you'll want to address before filing. Evidence of Your Financial Situation Given that Chapter 7 bankruptcy is seen as a fairly drastic step, leading to the liquidation of your assets and the cancellation of outstanding debts, the court will want to know what you really don't have any other good options.
Want Your Bankruptcy To Be Discharged Quickly? What To Know
If you decide that it's time to be debt-free for a change, then a chapter 7 bankruptcy filing might be in your plans. Bankruptcy allows the courts to take hold of your personal financial situation for a few months, and then you can be the recipient of a final discharge. If you do everything you can to ensure that everything is done correctly and above board, you will most assuredly sail through the process without a problem.
3 Requirements To File Chapter 13 Bankruptcy
If you have found yourself in financial ruin and determined that bankruptcy is the best solution for you and your situation at this time, then you have two filing options: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both of these options have their benefits, but filing for Chapter 13 bankruptcy may be better for you if you want to keep your property and do less damage to your credit score. There are certain requirements that must be met in order for you to be eligible to file Chapter 13 bankruptcy, however.
Three Positive Ways That Your Life Can Improve By Declaring Bankruptcy
Declaring bankruptcy isn't something that a lot of people do without careful consideration, given that it's a common sentiment that this isn't something that you want to encounter in your life. While there's no arguing that a declaration of bankruptcy certainly has some negative aspects, you might be overlooking some other angles. There can be a bit of a silver lining in declaring bankruptcy, and any experienced bankruptcy attorney will be quick to talk about some of the ways that your life can take a turn for the better by dealing with your financial situation in this manner.
