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The Different Types Of Bankruptcy
Author: Ken Austin
The laws regarding bankruptcy have changed recently, but there
are still options available to you if your debt has grown out of
control and you have found yourself unable to repay them.
Bankruptcy laws give debtors a way to divide their assets among
creditors and completely eliminate some debts after the assets
have been distributed.
Due to the recent changes, you may have to undergo credit
counseling prior to filing bankruptcy, but as a debtor you are
entitled to file bankruptcy as a way to reorganize or eliminate
your debts.
People wanting to completely eliminate all outstanding debts
generally use Chapter 7 bankruptcies. Business can also file
Chapter 7 if they plan to liquidate all assets and close
permanently. Under a Chapter 7 bankruptcy, an individual may
keep certain property such as a home, automobile, tools of
trade, and various other properties.
Some property however, may be lost during the bankruptcy
proceedings. A trustee will control the debtor's assets during
the bankruptcy process and those assets will be divided among
creditors as the trustee sees fit. Upon discharge of the
bankruptcy, the control of any remaining property is returned to
the debtor and all outstanding debts that have not been
reaffirmed will be gone.
Chapter 13 bankruptcy is for those who wish to pay all their
outstanding debts but have found themselves unable to do so.
Chapter 13 allows individuals to reorganize debts and structure
payments differently so that the debtor can afford to make
payments over time.
In the case of a business wanting to reorganize, Chapter 11
bankruptcy is the appropriate choice. Filing bankruptcy is a way
out of debt for many people and businesses. Consult with a
professional to make sure that bankruptcy would be the best
choice for you before you make any final decisions.
About the author:
Ken Austin is the webmaster at http://bankruptcy.cre
ditreliefonline.com/">http://bankruptcy.creditreliefonline.com/">http://bankruptcy.cre
ditreliefonline.com/ . To learn more about different ">http://bankruptcy.creditreliefonline.com/"> types of
bankruptcy and bankruptcy options, please visit the bankruptcy
resource">http://bankruptcy.creditreliefonline.com/">bankruptcy
resource guide
Article Keywords:
Bankruptcy |
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Bankruptcy...
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Bankruptcy Lawyer: Your Final Solution When Running Out Of Options |
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Before rushing to a lawyer to assist you in filing for bankruptcy, you have to make sure what is bankruptcy and what is not. Only then will you have to find a bankruptcy lawyer that you can work with in filing your case. Many people rush to file for bankruptcy thinking that it will solve their financial problems. The opposite is often true.
Declaring your business to be legally bankrupt, only mean that you have done everything you could and there is no way for recovery. It means being deep in debt that it will already be impossible for you to sustain the business.
There are kinds and variations to bankruptcy and the legal process will depend very much on where you are coming from but the purpose is the same. Bankruptcy cases will take years to resolve. The court will determine what debts do not have to be repaid and what will be directly deducted from your income.
In the interim, credit lines will be closed to you. Your credit history will be tainted and no credit... |
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