Bankruptcy can happen to anyone, anywhere. There are procedures that you need to follow when you find yourself not in a position to remain committed to your financial obligations. The procedure is relatively the same the world over.
Before filing for bankruptcy, it is highly advisable that you get to weigh all the other available alternatives that you could have at your disposal. These include writing to your creditors and explaining your position. You then make an agreement with them on how you are going to repay them bit by bit. To be on the safe side, you need to have a lawyer present. This is because, if your creditors default on the agreement at some point, you will have a legal representative who will deal with the situation accordingly.
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Supposing this option fails and you realize that the only way out is to file for insolvency, you need to be well versed with the law. Get to understand that there are different chapters under which you can file for insolvency in the United States. They are chapters 7, 9, 11, 12 and 13 and they all apply in different capacities to different scenarios.
As an individual, it is more advisable to file under chapter 7 or 13. Chapter 7 requires that your assets be liquidated and the proceeds distributed among the creditors. If you wish to retain some valuable property, you are highly advised to have it exempted from bankruptcy way before you file the petition. Chapter 13 on the other hand is more appealing for people with a regular source of income. It is from this income that you are required to make regular payments to your creditors till the bill is settled. This can be done for up to five years.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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