When other forms of debt settlement plans fails, one is left with bankruptcy filing as the only option. This is a legal process that gives you the option of declaring your financial position through a court case. In filing the petition, there are a number of chapters under which you can file your case depending on your ability to repay the debts.
Looking closely enough though, you will realize that there is another alternative to insolvency and this is personal bankruptcy. It refers to a process where you give up some of personal property in order to have some of your debts written off or forgiven. In many states it is known as the chapter 7 insolvency.
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Unlike in filing for complete insolvency, personal insolvency assures you that at least a reasonable proportion of your debts will be forgiven. The process is easy and less demanding and you can even do it alone without involving an attorney. You only list those assets that are worth listing, which is to say that when sold off, they should be enough to take care of most of the debts. Personal items like clothes and other basics need not be listed.
One recommendable thing about personal insolvency is that you get discharged form the list of bankrupts within a period of twelve months unlike in the other version of insolvency in which your name remains in the records for a period of up to 10 years. Compared to other forms of debt settlement like Individual Voluntary Arrangement, personal insolvency is much cheaper and much effective. It also gives you a complete relief from the constant harassment from creditors.
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