There are many people who believe that they will lose their property if they file for bankruptcy. There certain exemptions that will help you to keep certain properties. These exemptions are usually allowed by the law of state that you live in. In some states, you are allowed to keep your personal belongings if you file bankruptcy under Chapter 13. Filing for bankruptcy under Chapter 13 is beneficial as you don't have to pay additional cost and you get to keep your personal property.
At times, certain properties that you have mortgaged may no longer be useful. You can return these properties back to the lender when you file for bankruptcy under Chapter 7 or Chapter 13. When you file for bankruptcy you are can eliminate most unsecured debt like unsecured bank loans, credit card bills, personal guarantee and unsecured loan taken from trade creditors.
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When you file for bankruptcy under Chapter 7 you not only eliminate your unsecured debt but also reduce the interest that you have to pay your lenders. Most people who have large borrowing usually repay only the interest when they make pay their installments. When they opt for Chapter 7 bankruptcy, they relieve themselves from paying the interest which reduces their monthly installment. By the reducing the monthly installment, it becomes easier for people to repay their loan and reduce their debt burden.
The biggest benefit of filing bankruptcy is that you will no longer be harassed by lenders. When you file for bankruptcy you will stop getting calls from attorneys and all lawsuits against you will be dropped. An order from the court will be sent to the creditors and their attorneys informing them that you are protected by the state. Creditors who do not comply with the court order can be punished by the court. Most creditors are aware of the punishment and will comply with the court orders sent to them. If the creditors want to take action against you or your property, they have to get the permission of the court.
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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