Is Bankruptcy A Viable Option?

Is Bankruptcy A Viable Option?

Is Bankruptcy A Viable Option?

If you have been laid off, cannot budget yourself out of debt in five years, have mounting medical and credit card debts, you should speak with Southgate bankruptcy lawyers. With their counsel and experience, you will learn if filing for bankruptcy is viable option. Southgate bankruptcy lawyers will also tell you about credit counseling. Federal law requires that you take a course in credit counseling at least six months before filing for personal bankruptcy. The purpose of such credit counseling is to determine whether or not you should be filing for bankruptcy. Sometimes, a more modest repayment plan or renegotiation with your creditors will suffice rather than filing for bankruptcy. As Southgate bankruptcy lawyers know well, bankruptcy is meant to be viewed as only a last resort. It is a right provided by the constitution of the United States of America to all Americans and meant to give you a fresh start financially. However, it is to only be used when all other options have been exhausted. When filing for personal bankruptcy, you have to decide what kind of bankruptcy you should be filing. Chapter 12 bankruptcy is for farmers. Chapter 11 bankruptcy is for businesses. Neither applies for personal bankruptcy. To file for personal bankruptcy, your options are chapter 7 personal bankruptcy and chapter 13 personal bankruptcy. Chapter 7 persona bankruptcy is straight bankruptcy. A court-appointed trustee helps you liquidate your nonexempt personal property to help pay back your creditors. This is the quickest form of bankruptcy. You should receive a bankruptcy discharge within months. Chapter 13 personal bankruptcy reorganizes your debt into a three to five year repayment plan. This helps you if you want to keep all of your nonexempt property or if having too much monthly income makes you ineligible for chapter 7 personal bankruptcy. Chapter 7 stays on your credit report for 10 years and chapter 13 stays on your credit report for 7 years.

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