Choosing to file for bankruptcy is a very tough decision but sometimes it is necessary. If you do not foresee any possible way to pay all your debts you may have to file. Once you have filed for bankruptcy creditors can no longer legally call you, you wont have to worry about eviction and you wont have to deal with foreclosure. There are a few different ways to file, some better for different situations.
There are two ways to typically go about bankruptcy. Chapter 7 bankruptcy means that you will not have any debts. (except in special cases i.e. Child support, alimony, student loans, etc..) Many cannot qualify for Chapter 7. You must be in the lower fifty percent of income makers and show that you wouldn't be able to pay for the debts even if the debt was lowered. You don't only loose your debt though. Many of your assets will be liquidated. This means that your possessions can be put up for sale to pay of some of the debt that you owe. While dropping all that debt at once would be nice, Chapter 7 can bite you as well.
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Chapter 13 is a lighter approach. Instead of dropping your debt it is often lowered to something you can afford. Typically many of your debts will be around but you will be able to pay it off over the course of up to seven years. Because of all the negotiating with creditors there is a lot more paperwork involved. Chapter 13 means that you can keep your house but, still have to work of some of the debt.
Before choosing to file either Chapter 7 or Chapter 13 you should talk with an attorney. After you file your credit will be very bad and usually takes ten years to rebuild. It is important to your financial future that you have someone help you choose how and if to file for bankruptcy.
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