Are you feeling the pressures of being buried under mountains of debt? Filing bankruptcy might be the best solution for your financial situation. Many Americans today are living with the fear that as their debt continues to increase and the monthly payments never stop, living paycheck to paycheck becomes a scary reality.
All it takes is one unexpected circumstance to arise and send your finances into a tailspin. For many individuals, the decision to file for bankruptcy can be a difficult one. No longer does bankruptcy carry a mark of shame as creditors would like you to believe. Many associate the term bankruptcy with failing or giving up, in fact, the opposite is true.
All it takes is one unexpected circumstance to arise and send your finances into a tailspin. For many individuals, the decision to file for bankruptcy can be a difficult one. No longer does bankruptcy carry a mark of shame as creditors would like you to believe. Many associate the term bankruptcy with failing or giving up, in fact, the opposite is true.
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When you're in need of filing bankruptcy there are some differences between Chapter 7 and Chapter 13 that you should learn about prior to filing. The most obvious difference between a Chapter 7 and Chapter 13 is that Chapter 7 does not require the setting up of a repayment plan, as a Chapter 13 bankruptcy does.
This is one of the most common bankruptcy questions. Bankruptcy was created by Congress to give good people a chance to repay or wipe out their debts through a court proceeding and get a fresh start. The main advantage to Bankruptcy is the automatic stay. The automatic stay is put into place as soon as the bankruptcy is filed and stops all collection activity and even any contact by the creditors.
Nowadays, you can't even turn on the TV or pick up a newspaper without hearing about the declining real estate market and increasing foreclosure rates. This is no longer a rare occurrence, but a reality for many Americans and their neighbors. Recently reported, because of the high debt ratios many people have, there is now one in five chance of ending up in foreclosure.
When it comes to filing for bankruptcy, the most popular and most used form of bankruptcy is Chapter 7. A Chapter 7 bankruptcy is also known as a fresh start bankruptcy or liquidation bankruptcy. The reason Chapter 7 is so popular is because it does not involve any kind of repayment plan like in a Chapter 13 bankruptcy.
When you're caught in the middle of debt struggles, you can feel like you're all alone. But the bankruptcy statistics from the recent years has shown the annual personal bankruptcy filings to be over 1.5 million per year. So stop stressing about it. Many Americans have problems with debt, and many find that filing Chapter 7 bankruptcy gives them the protection they need.
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