For more information please visit the Christian Debt Consolidation Guide. This is an information only website providing independent and unbiased views. We do not provide Christian Debt Consolidation Services just a good education.
Sometimes it is too easy to declare bankruptcy believing it can be the best solution to our debt problems, especially, if they appear insurmountable. It is not however an easy option and carries some serious consequences which are often not fully explained. In this Christian Debt Consolidation Guide article we will attempt to provide some really practical information on bankruptcy but please, please never act in this area without taking professional advice.
There are basically two types of bankruptcy from which to choose:
Christian Debt Consolidation Guide - Chapter 7 Bankruptcy
Under Chapter 7 we are effectively asking the court to forgive all our debts. We are required to surrender all of our assets that are not exempt (this varies from state to state). Exempt property will usually include some home furnishings and the tools of our trade. A court appointed trustee will handle this process.
Filing for Chapter 7 Bankruptcy ends any wage garnishments and the harassment from debt collectors. It is however an emotionally charged experience. The appointed trustee screens all of our transactions for an extended period of time. This is pretty humbling often accompanied by feelings of failure so support from our Church can be very comforting.
Christian Debt Consolidation Guide - Chapter 13 Bankruptcy
Under Chapter 13 we may keep a mortgaged house and car and rather than surrendering all assets we look to pay off debts over a typical 3 to 5 year period.
The court will determine our monthly disposable income and this amount is handed over to the court appointed trustee who in turn allocates the amount to our creditors.
At the end of the term any remaining debts are usually discharged. This may sound a better option than Chapter 7 Bankruptcy but again each case has to be examined on its own merits. We all have unique situations and the most appropriate choice (which may not be bankruptcy) will vary according to many different criteria.
I have to be honest and say that filing for bankruptcy should be considered as the option of last resort as the consequences are far reaching. There are other options such as Christian Debt Consolidation, Christian Debt Management Plans, Christian Credit Counseling and Christian Debt Settlement to name some.
Bankruptcy affects our credit report for between 7 & 10 years and even after this period of time we can still experience difficulties if we are looking to obtain new loans or credit.
If this article achieves anything it is to encourage Christians to explore every option to solving debt problems. That's why, again and again it is recommended that professional advice is sought from a firm willing to explore all the options. Don't believe all the advertising hype suggesting one solution will solve all your problems. It takes a combination of many and all of our needs are unique.
Please let Bankruptcy be the option of last resort and only if recommended by a Christian Debt Consolidation Counselor. To do otherwise could leave you with increased debts and an even more intolerable situation.
- Related Articles
- Related Q&A
- Christian Alternatives to Bankruptcy – Consider Christian Debt Settlement
- Christian Debt Consolidation - How is it different?
- Secured Loan Iva – Avoid Bankruptcy With the Help of Collateral
- Mortgage Iva Uk: Genuine Solution to Evade Bankruptcy
- Iva: the Best Alternative to Bankruptcy
- Iva Settlement: a Perfect Way Out to Emerge Unscathed From Bankruptcy Fears
- Christian Debt Consolidation Guide - Bankruptcy
- Is Christian Debt Consolidation Best?




He's making a list...maybe you should too
By: Charles Mayfield | 16/11/2009If you should happen to catch a glimpse of Santa this holiday season...take a look at that big belt he is wearing. Chances are he has cinched that thing in a notch or two. Perhaps we should all approach this holiday season with fiscal responsibility in mind. Here are just a few thoughts about getting through the holidays without a whopping credit card bill waiting for you in 2010...
Small Claims - Small Claims Court Process Service
By: cat colley | 16/11/2009Small Claims -My Small Claim I have just done a small claim with Charles & John legal services small claims, we filled in the online application it saves us going to Court we completed the online form its was 3 easy steps we opted for the all inclusive service which was reasonable to handle the whole claim from beginning to end. Hassle Free Small Claim I recently have used a small claims service, I completed the online form on the website. We gave the details on the applicati...
Get your guaranteed unsecured Personal Loan Now with 100% Approval
By: Carl Fullar01 | 16/11/2009Get guaranteed unsecured personal loan now with bad credit .You true help for personal loan.
What to look for in a great personal finance software
By: Krish Sharma | 16/11/2009A personal finance software is very useful and really makes it easier to manage your finances. So how do you decide which software is best for you?
Fast Payday Loans No Credit Check– Easy Money for US People
By: Arvel Bond | 16/11/2009The fast payday loans no credit check provides fast money to applicant even before his next payday. It is a way to arrange money in the mid of the month. You do not need to wait for next payday to come to make payments. Approval will be based on eligibility profile of applicant. Online forms are easily available for it.
Payday Loans for Any Purpose-Immediate Financial Aid without Any Delay
By: Ravi Mishra | 16/11/2009The pay back structure is spread over several months. This helps you to maintain a balance with your next paychecks.
Retirement planning essentials
By: Andre Savoie | 16/11/2009Planning for retirement can seem like an overwhelming task. How do you plan for your remaining years and manage your money so that you can retire in comfort? This article looks at retirement planning basics and how you can use them in your future.
Automated Forex Trading Software: Key to Forex Trading Success
By: Tad Johnson | 16/11/2009Automated forex trading software is not a type of prediction software, though. It is, however, a tool that will help you secure your future in the financial world.
How to Choose an ATV
By: Michael Page | 06/06/2008 | MotorcyclesA guide to choosing the right ATV for your needs and what to look out for in a used atv model.
The Truth About Christian Credit Card Consolidation
By: Michael Page | 05/06/2008 | Debt ConsolidationIs credit card consolidation a good or bad thing for Christians. It depends on the research carried out and the alternatives available.
Christian Debt Cosolidation Guide
By: Michael Page | 02/06/2008 | Personal FinanceAn examination of Christian debt consolidation and some other options that should be explored as potential solutions to mounting debt problems.
What is the Difference Between Christian Debt Consolidation & Regular Debt Consolidation
By: Michael Page | 01/06/2008 | Personal FinanceIn this article I examine if Christian Debt Consolidation organizations are really different and what, if any, those differences are.
Christian Debt Consolidation Guide - Bankruptcy
By: Michael Page | 22/05/2008 | Personal FinanceBefore Christians contemplate bankruptcy they should know about the advantages and disadvantages.
Hydroponic Gardening - Managing Pests & Diseases
By: Michael Page | 19/05/2008 | GardeningHow to control and eliminate pests and diseases in the hydroponic garden
5 Types of Free Traffic - List Building for Beginners Step 2
By: Michael Page | 08/04/2008 | Online PromotionTraffic is the lifeblood of your internet business. Discover how to increase your visitor numbers.