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It doesn’t take much to send your finances into a free fall, and you end up over your head and in dire need of debt relief. So many Americans are one financial upset away from going bankrupt and they need help getting out of a bad situation. Filing for Chapter 7, Chapter 11, and Chapter 13 can benefit you in many ways.
Are your considering bankruptcy because you are overwhelmed with credit card bills, exorbitant medical expenses or mortgage debt? Are you asking yourself: How can bankruptcy help me?
Bankruptcy has a number of benefits but the process is not easy, and it will make sacrifices to ensure you complete the bankruptcy successfully. You will need to work with a trustee and be prepared to follow their orders. You probably won’t have any disposable income until your complete the process, but you can get rid of your debt and be working on your credit.
While bankruptcy is arduous, your dedication will pay off, and you will see some of the benefits immediately. For instance, when you file for Chapter 7 or Chapter 13, all collections activities must stop, and interest will stop collecting in your balance. Bankruptcy may allow you to save your home from foreclosure.
Below are the basics of the two most common personal bankruptcy structures:
Chapter 13– Wage Earner’s Bankruptcy
Allows income earners to pay debts slowly
It takes three to five years to emerge from bankruptcy
Credit rating improves after completion
Chapter 7– Liquidation
Filer must sell (liquidate) their assets to pay off lenders
Debts are discharged once liquidation is complete
Takes several months to a year emerge
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