Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy - What to choose?
Are you considering bankruptcy and want to know what are the options? There are two basic types of bankruptcy, Chapter 7 bankruptcy and Chapter 13 bankruptcy. These are the two you choose between and it is always better to know what is done with before you decide to do either one. Here are some tips to help you choose between the two.
If you are in debt to the point is that there can be no end in sight and noafford to pay on any of your debts, as necessary, then Chapter 7 is probably the best choice. This type of failure is considered a failure of debt relief. You can get a fresh start and get your life back in order.
How To File Chapter 7 Bankruptcy
However, you should know that student loans, money owed, the government and all child support payments, who has not paid off, with the order will not be able to be involved in this failure. Forgiveness alsoeverything you own. If you are a car payment, television, stereo system, then at home, or anything else that can be used, and is sold to help pay creditors.
If you have a large amount of debt, but you think you can pay a few years ago could do with a little help, then a work of the Chapter 13 bankruptcy for you. This type of bankruptcy allows you to keep all your belongings, and is basically a structured payment plan.
The courts askThe creditors to forgive interest and late fees, so you pay more quickly. It will set a specific payment per month that will be garnished from the income directly to the creditors and in most cases. The best part is, you have to pay in a few years and you'll be done with them good.
Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy - What to choose?