You must file forms with the clerk of a u.s. bankruptcy court and pay a fee. When a person files for bankruptcy, the Federal court grants an "automatic stay." This prevents creditors from attempting to collect on any outstanding debts.
You can choose between two types of bankruptcy:
1)LIQUIDATION (Chapter7)
Under liquidation, all your property is sold except for certain things deemed necessary for a reasonable life-style and for your work. A trustee handles the sale and sees that your creditors receive their fair shares of the proceeds. You are no longer responsible for those bills, whether your creditors are paid in full or receive only a fraction of what you owe.
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2)Rehabilitation (Chapter 13)
Under rehabilitation, you need only reach an agreement with your creditors to repay your debts up to a certain amount on a monthly timetable. Credit bureaus can report either type of bankruptcy for up to ten years, but lenders generally think better of a creditor who pays off his debts rather than liquidating them.
(Chapter 11 ) Used when the owner desires to stay in business, restructure existing debts, retain assets, and attempt to reorganize under court supervision.
Bankruptcy offers legal help, providing you haven't used it in the past 6 years. An attorney can help you fill out the forms needed and help you file. They will advise you on what you need to do to get the debt relief you need. There are some new bankruptcy laws that offer you more protection; stop blaming yourself for your situation and take control of it.
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Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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