Filing a bankruptcy petition is a horrific experience for many people. Consumers often have a hard time coming to terms with debt problems and financial challenges. Unfortunately, these problems can never be wished away. They have to be tackled head on. At times declaring bankruptcy may be the most suitable solution. Since the average consumer may not have enough information about this option getting bankruptcy advice online may be a good idea.
When getting advice online or offline, the adviser will take you through all your options. There are generally two methods that you may be able to use to get rid of your debt. These are chapters 13 and 7. They both have different requirements, benefits and drawbacks. The adviser should be able to take you through all the details and help you to make an informed decision.
Bankruptcies have a number of benefits. For one, they can help stop creditors from hassling you. Secondly, you will get the protection of the court from collection agencies and financial institutions. Your debts will also be reduced or written off completely. This can help you to start life afresh without any debt. There are many other benefits that are offered by the different types of bankruptcies.
Chapter 7 is arguably the most popular legal method for getting rid of debt. It is simple in the sense that, part of the debt is repaid using money recovered from the auctioning of assets. Any other unpaid debt is written off after the process. A trustee is usually in charge of the whole process. The option is best suited for debtors who have lost their only source of income.
Chapter 13 is a more lenient option. Once a debtor is declared bankrupt, his or her assets are not liquidated. Instead, the debtor is allowed to keep his or her assets provided they make monthly payments to offset the outstanding debt. The main advantage of this option is that monthly payments are dictated by the monthly income of the debtor, and not the outstanding debt. Most people who are facing foreclosure can use this option to prevent the bank from taking their homes.
A good adviser should outline all the benefits and drawbacks of seeking this option. He or she should be able to inform the client that some debts can never be written off. These include spousal support payments, student loans an child maintenance payments. Another important point that must be stressed by the adviser is that the bankruptcy entry will feature in the credit report of the debtor for a period of seven years. A competent adviser should help the debtor to weigh all the advantages as well as disadvantages and help the debtor to make the right decision.
To get the protection of the court, all you need to do is file a petition with the appropriate court. A professional petition preparer can help you with this. Alternatively, you can hire an attorney to offer assistance.
All taxpayers are entitled to use this debt settlement option. Unfortunately, this method is often misused by some irresponsible taxpayers. For this reason, a trustee is often appointed to determine who is eligible for this legal process. The trustee also helps the court in identifying whether the petitioner has applied for the appropriate chapter.
When getting advice online or offline, the adviser will take you through all your options. There are generally two methods that you may be able to use to get rid of your debt. These are chapters 13 and 7. They both have different requirements, benefits and drawbacks. The adviser should be able to take you through all the details and help you to make an informed decision.
Bankruptcies have a number of benefits. For one, they can help stop creditors from hassling you. Secondly, you will get the protection of the court from collection agencies and financial institutions. Your debts will also be reduced or written off completely. This can help you to start life afresh without any debt. There are many other benefits that are offered by the different types of bankruptcies.
Chapter 7 is arguably the most popular legal method for getting rid of debt. It is simple in the sense that, part of the debt is repaid using money recovered from the auctioning of assets. Any other unpaid debt is written off after the process. A trustee is usually in charge of the whole process. The option is best suited for debtors who have lost their only source of income.
Chapter 13 is a more lenient option. Once a debtor is declared bankrupt, his or her assets are not liquidated. Instead, the debtor is allowed to keep his or her assets provided they make monthly payments to offset the outstanding debt. The main advantage of this option is that monthly payments are dictated by the monthly income of the debtor, and not the outstanding debt. Most people who are facing foreclosure can use this option to prevent the bank from taking their homes.
A good adviser should outline all the benefits and drawbacks of seeking this option. He or she should be able to inform the client that some debts can never be written off. These include spousal support payments, student loans an child maintenance payments. Another important point that must be stressed by the adviser is that the bankruptcy entry will feature in the credit report of the debtor for a period of seven years. A competent adviser should help the debtor to weigh all the advantages as well as disadvantages and help the debtor to make the right decision.
To get the protection of the court, all you need to do is file a petition with the appropriate court. A professional petition preparer can help you with this. Alternatively, you can hire an attorney to offer assistance.
All taxpayers are entitled to use this debt settlement option. Unfortunately, this method is often misused by some irresponsible taxpayers. For this reason, a trustee is often appointed to determine who is eligible for this legal process. The trustee also helps the court in identifying whether the petitioner has applied for the appropriate chapter.
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