Bankruptcy
Filing
Bankruptcy is easier and, if done property, less damaging to your
credit than most people realize. Often it is better for your
credit to go ahead with the bankruptcy than it is to struggle with the
payments. If you are careful about the how you file and
immediately begin to repair your credit, bankruptcy is often a faster
way to better credit.
There
are several types or "Chapters" of Bankruptcy, however the average
person is only concerned with Chapter 13 and Chapter 7. Chapter
13, also known as debtors court, allows you to pay the creditos over an
extended period at reduced rates. Chaper 7, also know as
straight bankruptcy, does away with the debt completely and allows you
to make a fresh start.
Bankruptcy
law requires the debtor to file under Chapter 13 if it is at all
feasable to pay the creditors. If it is urealistic to pay the
debts, then one may file a Chapter 7 plan. The mechanism by which
this determination is made is called a "means test". The attorney
or legal assistant will help figure out what is best for you during the
initial consultation.
Fees
for bankruptcy vary with the number of creditors and complexity of the
financial issures. The attorney of legal assistant will discuss
fees at the initial consultation. If you believe you have a situatio where you are considering bankruptcy then phone or contact me as soon as possible for your initial consultation.
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