Financial Problems and Credit Card Loans - bankruptcy credit card

Financial Problems and Credit Card Loans - bankruptcy credit card

f you have financial problems with your credit card, due to a number of outstanding debt, you should find the option of bankruptcy as a valid option, as they have done thousands of Americans. I take this small opportunity to help so easy, simple, basic and taking into account the legal terms of contracts and credit card loans.

When it comes to bankruptcy (in personal terms and non-business), there are many different options. As most of the time dealing with personal debt, we will refer to the two most common specific situations call: Paragraph 7 and Paragraph 13. Briefly discuss these two types of bankruptcy.

Paragraph 7 is about to start again. A judge will issue a decision on bankruptcy and completely erase all your debts. While this system is more positive, the process is much more complex. In this case the judge decides whether to sell possessions to pay debts to creditors. It has no right to retain any property of value. Paragraph 7 may be considered a total ban ised their belongings and a complete liquidation of all assets.

Paragraph 13 is not as drastic as the Section 7. Section 13 requires a judge to order a planned economic structure of periodic payments to make payments to all those to whom you owe. This plan is organized for a payment from a period of 3-5 years to pay 30% or 50% of your debts, it just depends on what the judge dictates. Type of bankruptcy only allows them to be playing some of his personal property, and in rare cases, you can dispose of their belongings to capitalize and accelerate the payment process.

Since October 2005, with the reform of bankruptcy laws, has become much more difficult to file for bankruptcy. To make the process should be in a specific court and before a judge who will decide if you have bases apply depending on your income and your current situation.

Given this special situation that many people and families are going on in these times of crisis, the best we can do esconsultar with specialists in the field. If you are seriously considering bankruptcy, please take a moment to talk to a financial expert. He or she will be able to understand your options and can help avoid an error which you may regret.

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