When you are facing the prospect of losing everything and struggling to determine how you might be able to resurrect yourself from beneath the mountains of debt you've amassed, it may be time to contact a bankruptcy attorney. Debt relief through bankruptcy should always be the last resort. However, when the phone doesn't stop ringing with collection calls and you're barely scraping by on your monthly budget, it's probably time to investigate the bankruptcy process. Be mindful at the very onset that a bankruptcy will remain on your credit report for seven to ten years, depending upon the chapter of bankruptcy for which you file. A Chapter 7 Liquidation bankruptcy will remain on your credit report for ten years, while a Chapter 13 Reorganization or Payment Plan bankruptcy will show for only seven. The chapter of bankruptcy you choose as your debt relief solution will be dependent upon your financial situation and the value of your assets.
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For consumers who own little to no real property, Chapter 7 Liquidation bankruptcy is the usual route. Individuals who qualify for Chapter 7 surrender most assets to an agent of the courts, who then arranges for the items to be sold for cash. The proceeds from the sale are utilized to pay off debts claimed by creditors. This, however, will not include debts such as student loans, child support and/or alimony, judgments of personal injury liability and loans guaranteed by a branch or body of government. For a comprehensive list debts not included under bankruptcy, contact a legal professional or your local bankruptcy court.
A Chapter 13 Reorganization or Payment Plan bankruptcy is ideal for individuals who have considerable investments in properties and earn a regular pay check. They may be struggling to make ends meet, but their debt relief needs may be better served by reorganizing their debts. Consumers who petition for a Chapter 13 bankruptcy agree to participate in a payment plan that lasts between three to five years. The payment plan is structured to allow debtors to make a single monthly payment, which is then distributed to creditors. And, following the three to five-year period of re-payment, the remaining debts are discharged.
Bankruptcy should always be the last resort. However, when you are left feeling as though there is no other alternative to your financial despair, a bankruptcy attorney can help you determine the best route to help get you back on the road to financial recovery.
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