Going bankrupt is something that is hard to imagine happening to you. When
bankruptcy does occur though, you have some options that you can try. For these bankruptcy options to work you will
need to consider bankruptcy filing. The options will include chapter 11, 13, and 7.
Each of these types of bankruptcy filing allows you a breathing space
while you try to sort out your financial mess. The most well used bankruptcy claims are chapters 13 and 7. In these
two options you will be able to talk with your lawyer and find the best method for paying off your
In general chapter 7 and chapter 13 bankruptcy claims ensures that you can’t be
forced to pay further debts once you have placed a bankruptcy filing. For your creditors to stop contacting you it
is essential that you file a bankruptcy claim.
Once the bankruptcy filing has been accomplished your payments will commence.
These payments will be made depending on the type of bankruptcy that you have filed for. As both of these
bankruptcy filings are very different it is best if you understand what happens when you file bankruptcy
In the chapter 7 bankruptcy filing you agree to liquidate all of your disposable
and non-exempt assets. These assets, money, and property are turned over to a court appointed bankruptcy trustee.
This individual will start the process of turning your disposable assets into cash. Once the amount of money that
you owe has been found, the trustee will distribute them amongst your creditors.
You should make sure that when you are preparing for bankruptcy filing that you
have given your lawyer a list of all of your creditors so that the proper payments can be finalized.
This step in bankruptcy filing will wipeout all of your debts, excepting for
certain non-dischargeable debts. You will however need to discuss with your lawyer the best ways to go about
bankruptcy filing for chapter 7 and in some cases chapter 13.
The chapter 13 bankruptcy filing will allow you to make arrangements with your
lawyer to pay off these payments as best as you can. The lawyer will examine your bankruptcy case history before
you can begin the bankruptcy filing process. Once the filing has been finalized you have a period of 5 years to pay
off your debt.
Bankruptcy filing is the best way to make sure that your bankruptcy claim is
following in the proper path. Your lawyer should be able to advise you on the best route of bankruptcy to file