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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:

Trump cancels summit with 'hostile' Kim Jong Un
Thu, 24 May 2018 18:44:00 +0100
Donald Trump has cancelled the planned summit with Kim Jong Un "based on the tremendous anger and open hostility" in North Korea's latest statement.

'Spectacular' blasts on N Korea 'nuclear test site'
Thu, 24 May 2018 12:16:00 +0100
Sky News has witnessed the demolition and closure of what North Korea says is its nuclear weapons test site in Punggye-ri.

Rotten teeth pics on drinks could cut obesity
Fri, 25 May 2018 01:46:00 +0100
Graphic images on sugary drinks bottles, similar to those found on cigarette packets, could help fight obesity, according to a new study.

Morgan Freeman sorry after harassment allegations
Thu, 24 May 2018 16:12:00 +0100
Hollywood actor Morgan Freeman has apologised to a group of women who have made allegations against him, saying it was never his intention to make anyone feel uneasy.

Harvey Weinstein 'to surrender and be charged'
Thu, 24 May 2018 20:50:00 +0100
Harvey Weinstein is expected to surrender to New York police and be charged for the first time, according to US media.



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