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 payments.
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 claims.
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 for.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Form for motion for reconsideration of chapter 7 filing
By: yojacobs | 08-04-2008
I need to file a motion for reconsideration for a chapter 7. I am filing myself and missed my creditors meeting. Does anyone know where I can get this form.
Q&A Powered by:
Latest Debt Consolidation Articles
Debt Consolidation: How to Choose Your Financial Consultancies
By: Minkesh Sood | 11/10/2008
Today consumer burdened with debt is looking for total financial freedom. Due to increasing number in debts taken by consumers the graph of financial consultancies who are working on debt settlement consultancy are growing day by day.
Bankruptcy Myths Exposed!
By: John Elton | 11/10/2008
Myths surrounding bankruptcy are many. Some are real, some are not. People avoid filling for bankruptcy when they are true need of it just because they are scared of it. The article intends to raise the curtain over the myths related to bankruptcy.
How to Encounter Debts With Debt Consolidation Loans
By: Minkesh Sood | 10/10/2008
To overcome debts is wish of every individual but in many situation people do not know how to get out of it and omit there debts. A Debt Consolidation Loan will help you in encountering your debts and from able to make your finances improved.
Ways to Get Home Loan Refinancing Quotes
By: Steven Walters | 08/10/2008
Home loan refinancing is a huge decision and getting a good refinancing loan can save you tens of thousands of dollars over the life of your mortgage. Find out easy ways to refinance your home loan online.
Debt Consolidation Loan : Advantages That You Should not Miss
By: Julian Lim | 07/10/2008
Debt consolidation loan has its share of advantages as well as disadvantages. However, for many people, the benefits of debt consolidation loan clearly outweigh the disadvantages. Some of this loan’s benefits that you can enjoy include low interest rates, easier monthly payment and reduction of stress and worries.
A World in Debt
By: Ricardo Reeves | 07/10/2008
The world's economy is in a state of flux. In such an environment it is imperative to get your finances in order.
Christian Debt Consolidation
By: Karl Caprio | 07/10/2008
A leading debt consolidation company offers Christian debt consolidation and student debt consolidation loans and services along with credit card debt consolidation, reduction and settlement programs to consolidate your debt in a single low interest loan.
Debt Consolidation Loan
By: Karl Caprio | 07/10/2008
Debt consolidation and credit card debt settlement services in USA including fast and free quote to reduce credit card debt, bad credit or bankruptcy loans consolidation, consolidate bad debts and lower the interest rates with only single monthly payment for students & soldiers also.
More from Muna wa Wanjiru
Bank Rolls
By: Muna wa Wanjiru | 26/09/2008 | Collecting
When we say bank rolls people always assume it means a ward of cash or how the old school gangsters in movies used to say cash back in the day.
Male Yeast Infection
By: Muna wa Wanjiru | 26/09/2008 | Women's Health
Yeast infections are not considered to be sexually transmitted diseases, but they can be passed on from a female to a male partner through sexual intercourse. So, although its not a common thing, male yeast infections do occur.
Chronic Yeast Infections
By: Muna wa Wanjiru | 26/09/2008 | Women's Health
Having a yeast infection once is bad enough for those who get them. Now imagine those who have chronic yeast infections. They have to keep dealing with it over and over again.
US Airlines
By: Muna wa Wanjiru | 24/09/2008 | Flights
The United States boasts a big number of airlines that double as domestic and international airlines. These US airlines boast big fleets or aircraft from those that sit more than two hundred passengers to little aircraft that sit less than twenty people.
When to Buy Plane Tickets
By: Muna wa Wanjiru | 24/09/2008 | Flights
The major item you require when doing any type of air travel are a plane tickets. This could either come as an electronic ticket or as a paper ticket.
Symptoms Associated With Alzheimers
By: Muna wa Wanjiru | 24/09/2008 | Diseases and Conditions
Alzheimer is the most common form of dementia. This incurable, degenerative, and terminal disease was first described by German psychiatrist Alois Alzheimer in 1901. Although each sufferer experiences it in a unique way, there are many common symptoms.
Color Quiz
By: Muna wa Wanjiru | 23/09/2008 | Psychology
Color quiz is a quiz taken to see how one reacts to color and how one feels when they view the color. The quiz also helps us understand the colors around us.
Local Hospitals
By: Muna wa Wanjiru | 23/09/2008 | Medicine
Local hospitals can be found in large cities, metropolitan areas, and small towns or even in rural areas. It simply refers to hospitals that are found in your locality, or around where you live.
Finance 
About the Author:
| Posted: 04-11-2007 | Comments: 
