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What is Bankruptcy?

Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. However, it is important to realize that certain forms of debt, such as student loans, are not forgiven through the bankruptcy process. Bankruptcy can have a devastating impact to your credit report and credit score. Bankruptcy will often remain on your credit report for as long as 10 years. During this time it can be next to impossible to obtain loans or any type of credit. If you are able to find a lender that is willing to do business with you, you will pay the highest possible interest rates allowed by law.

Quite often, lawyers are quick to suggest bankruptcy but, they don't always explain how damaging bankruptcy can be. Why would a lawyer do this? The answer is simple; If you don't file for bankruptcy, they don't get paid. The best thing that you can do is obtain independent information if you are considering bankruptcy. This way you become informed in an unbiased manner.

There are two forms of bankruptcy:

Chapter 13 involves reorganizing your debt in such a way that you a can keep the property you might otherwise lose, For example, a car or home. Chapter 13 will allow you 3-5 years to pay-off the items you have as opposed to losing them entirely.

Chapter 7 is the most straightforward form of bankruptcy. It involves liquidating all of your assets. However, this can depend upon the laws for the state in which you live. Traditionally, a court appointed representative will sell your personal property or it will simply be returned to the creditors that you owe money to. Federal law only allows consumers to file for Chapter 7 bankruptcy every six years.

Alan Barnes
IAPDA Certified Debt Arbitrator
President and CEO of Debt Regret
http://www.debtregret.com

In The News:

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Wed, 15 Aug 2018 10:00:00 +0100
A family of three who were driving to Sardinia for a holiday were reportedly among those killed in a bridge collapse in Genoa, Italy.

Munich attack widow: Corbyn must apologise
Tue, 14 Aug 2018 22:31:00 +0100
The widow of one of the victims of the Munich Olympics terror attack has accused Jeremy Corbyn of hypocrisy and has demanded he apologise.

Child abuse by hundreds of priests covered up
Tue, 14 Aug 2018 23:54:00 +0100
The abuse of more than 1,000 children for decades by hundreds of priests was systemically covered up by church officials, , according to a report.

Face transplant gives hope after suicide attempt
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A 21-year-old woman who tried to take her own life by shooting herself in the face has become the youngest person in the United States to receive a face transplant.

Stolen Buddha bronze to be returned to India
Wed, 15 Aug 2018 05:20:00 +0100
An ancient bronze statue of Buddha, stolen from an Indian museum 60 years ago is to be returned to the country after being spotted at a London antiques fair.



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