Bankruptcy is the legal means of wiping out debt. It may seem like a simple solution when you get in over your head in debt. Bankruptcy, though, should not be taken lightly. There are many repercussions of filing bankruptcy.
Before you file bankruptcy you should have a good understanding of the process and what to expect after you have competed filing.
Bankruptcy is meant to give a person a fresh start by relieving debt. A person can file bankruptcy for most debts they have incurred. Some debts can not be cleared through bankruptcy, though. It is very important for a person to check each of their debts to see if they can be cleared through filing.
During a bankruptcy proceeding a person has to make attempts to pay what they can. Most assets and cash on hand is seized and used to pay off the debts. There are some assets which are exempt and can not be used to pay off debts. Once a person starts bankruptcy proceedings creditors can no longer attempt to collect debts from them.
Bankruptcy is filed in a U.S. Bankruptcy Court. There are six types of bankruptcy. Only a few of these apply to an individual. Chapter 7 and Chapter 13 bankruptcies are the most...
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