If debt has made your day to day life dilemma tic and you find no plausible option other than bankruptcy debt relief to re-frame your badly destructed financial status then there are two types of bankruptcy debt relief solutions to help you from having an escape from your worse financial disaster. Chapter 7 and chapter 13 are two types of bankruptcies which can genuinely help suffering people and the debt assistance seeking person should select one of them depending upon his eligibility and requirement.
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Chapter 7 of bankruptcy in prepared for persons who don't have a regular mode of monthly income and have a bad financial condition to make repayment of the debt amount. Court after having an assessment on the whole assets of such person provides an attorney to him who perform the act of selling the assets of debtor in order to make repayment of credited amount. However the debtor is somehow free to protect some of his asset or property from mortgage.
A person should be careful before going to opt for chapter 7 about the qualifying terms. The debt should simple primary consumer debt and the person is not involved in any fraudulent activity.
Chapter 13 is another type which is prepared for persons who have a regular and fixed monthly income and don't want any kind of mortgage. The court allows such person to submit a debt repayment plan depending upon their income. After assessing the financial capability of the debtor court approves the repayment plan and generally provides a time period of minimum 3 years or maximum 5 years to make the payment of full debt amount or a substantial part of it.
A person qualifies to file for chapter 13 of bankruptcy only if he or she is having the unsecured debt amount of more than $ 250,000. Chapter 13 of bankruptcy is a solution which can provide you certain period of time and also protect you from the threatening of creditors. It will also save you from the situation like foreclosure and you will be able to save your assets by paying your debt amount back in affordable monthly installments.
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