Bankruptcy is when a person or business cannot financially sustain the cost of debts incurred over a period of time. This can occur due to a loss of job, a disability, bad business plan, and, most recently, an ailing economy. Even thinking about filing for bankruptcy can be very disheartening but, don't be afraid. Everyone needs a helping hand now and again, so here are tips for filing for bankruptcy.
To file for bankruptcy, the first thing anyone must do is take into account their total net worth. Include in the estimate household income, all assets, and the total amount of debt that is owed. When filing for bankruptcy, an accountant from the state will go over all of this material anyway. Be prepared by making accurate assessments of the total amount of debt accrued.
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It is also important to know that Chapter 7 and Chapter 13 are probably the types of bankruptcy that are most common. Chapter 7 bankruptcy is when the total amount of debt is wiped away and the person has no credit for a period of ten years. Chapter 13 is a type of payment plan in which all disposable income will be paid back to the consolidated debt.
In any case, finding a good debt attorney can help combat the legal and financial pitfalls that exist in our system. By hiring an experienced attorney, people can get the best deal and curb any mistakes that can be made in the process. Don't make mistakes when compiling figures for filing because it is a type of fraud that can have very serious repercussions.
Tips for filing for bankruptcy can help a person or business through a very difficult time in their lives. First, get a good assessment of the total assets, income, and debt, then file for the right kind of bankruptcy, and finally get a good lawyer to aid in processing the paper work. Each of these steps can save anyone massive headaches that go along with filing bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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