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Bankruptcy: Which Chapter Do I File?

There is more than one kind of bankruptcy. You should understand your options before deciding which chapter of bankruptcy you are going to file for, or if you are going to file for bankruptcy at all. Often the consequences of bankruptcy outweigh the benefits so it really is a very individualized decision and should be considered carefully. Bankruptcy should not be a rash decision.

Chapter 7 bankruptcy can be described as a liquidation proceeding. There is a certain amount of property that is exempt, but the rest of your property would be turned over to the bankruptcy trustee to be sold and divided amongst your creditors. There are some debts that can not be discharged but you will be free of all dischargeable debts within a few months after filing for bankruptcy. This provides for a fresh start and can be a great relief for those heavily burdened with debt that they just can't manage any longer.

Chapter 13 Bankruptcy is more for people who want to reorganize their debt, but still pay it over a longer period of time. Generally you are going to be able to keep your non-exempt property when you file for chapter 13 bankruptcy instead of chapter 7 bankruptcy. You only want to file for chapter 13 bankruptcy if your income is such that you can afford your expenses as well as devote a portion of it to paying off the debt covered by your chapter 13 bankruptcy.

Make an informed decision about bankruptcy before you start talking with an attorney. There is plenty of information readily available about bankruptcy and by exploring all avenues you may come across information that causes you to reconsider exactly what you are doing with your bankruptcy. The information can be overwhelming and you should definitely consult an attorney about bankruptcy before making a final decision.

Timothy Gorman is a successful webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, consolidation and bankruptcy as an option information that you can research in your pajamas on his website.

In The News:

Iran warns US against recapturing oil tanker as it leaves Gibraltar
Sun, 18 Aug 2019 23:00:00 +0100
An Iranian oil tanker detained off Gibraltar last month left the British territory and was headed through the Mediterranean towards Greece on Monday.

Tourists who took sand from Sardinian beach face jail
Mon, 19 Aug 2019 14:59:00 +0100
Two French tourists could be jailed after being caught with sand allegedly stolen from a Sardinian beach.

The mysterious life and death of billionaire Jeffrey Epstein
Mon, 19 Aug 2019 10:03:00 +0100
Jeffrey Epstein's sex scandal and suicide has prompted huge conversation about the mysterious life of the New York financier.

Why does Trump want to buy Greenland?
Mon, 19 Aug 2019 07:27:00 +0100
Donald Trump may be in the Oval Office now, but his recent interest in buying Greenland suggests his heart is still in real estate.

Three potential mass shootings foiled in three days
Mon, 19 Aug 2019 08:15:00 +0100
Three potential mass shootings have been foiled within three days of each other, US police say.



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