Have you ever suffered the humility of a good idea gone wrong? Have you had any thoughts lately about bankruptcy? If so, just know that this is not the end of the world, but a government approved process to help you start over with a clean slate.
There are a couple of options for you, but it is usually never recommended that you go this alone. Bankruptcy is a legal process and will require a legal expert. You need someone on your side, even if you had to pay them to be there. The creditors want to get as much as possible, so you need someone who can negotiate for you. In 2005 Congress passed a new Bankruptcy Law that gives the creditors even more leverage than they have ever had.
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Chapter 7 is a complete release of most debts. I say most debts because there are some that cannot go into the chapter 7 bankruptcy such as student loans, alimony, and personal injury debt etc. These debts will have to be paid no matter which type of bankruptcy you file. This bankruptcy stays on your credit for 10 years.
Chapter 13 is reorganization where the court has appointed a trustee that will take part of your income and pay your debts for you. This bankruptcy stays on your credit for 7 years.
Both types will give you relief from the collectors but one is a wipe out of debt and the other is payment of debt. You and your attorney will decide which type of bankruptcy is best for your situation.
Take advantage of this free consult and don't risk losing your home.
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