The Wheel of Fortune

The Wheel of Fortune

The Wheel of Fortune

The current state of our economy is a rough one. Many people are losing their jobs, businesses are closing and many people don't have the money they need to pay all of their bills. This inability to pay bills can lead to more than increasing debt, late notices and final notices. Not being able to pay bills like a mortgage can lead to a person having to file for bankruptcy. No one wants to have to file for bankruptcy. That probably goes without saying, but it becomes a fact of life for many people, and it's not something that one should necessarily be embarrassed about. Times are extremely hard right now for everyone, and bankruptcy seems to be more common than it should be.

Bankruptcy is when a person or business legally states that they are unable to pay their requirements due to insufficient funds or some form of impairment. There are several forms of bankruptcy that can be filed. The several types often are labeled different chapters of bankruptcy. There is also an involuntary bankruptcy that can be filed by a creditor in order for them to get back some of the money they are owed from the debtor.

There are six chapters or types of bankruptcy, as stated earlier. There is chapter seven, nine, eleven, twelve, thirteen and fifteen. The most common of these that are filed by individuals is chapter seven and thirteen. When chapter seven bankruptcy is filed, a person or business gives up their property to the creditor who then sells off the property and uses the money to pay off the debtors money they owe. The debtor is then given a reprieve on some of the money that is owed unless they are found to have committed some form of fraud in their filing of bankruptcy.

For more info search Bankruptcy Attorney San Diego or www.goldenstatelawgroup.com

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