When you are facing the financial problems, you are under immense pressure to resolve them. You basically have two options: you can either choose a debt consolidation plan where you work closely with the company for negotiating the structured payments with your lenders. When you file for the bankruptcy, you are actually resorting to a legal action which must be approved by a competent court.
When you file for bankruptcy it means that you have become legally insolvent. Bankruptcy is of two types: voluntary; where you will have to file a petition with a claim that you have no funds left and will not be able to repay your loans.
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Involuntary bankruptcy is where lenders or creditors file the petition in the court against you.
The court actually decides whether your claim can actually be proved or not, on the basis of the details provided by you. If the court decides that you will not be able to repay your loans, they will discharge your debt.
In case you file for the Chapter 7 bankruptcy and the same is approved, your entire assets can be disposed off for satisfying your creditors. There are few assets which are exempt under the state and federal statutes. Under Chapter 13 bankruptcy, you can repay all your debts through the trustee. You must seek an advice from a bankruptcy attorney or a credit counselor. They will work closely with you for assessing your financial situation and will advice you ways to solve this problem.
Before you file for the bankruptcy, you must keep in mind that you will face great difficulty in getting a fresh loan, buy a car, find some apartment or purchase a house. Your credit score will have the record of your bankruptcy for a period of 10 years.
When you've made up your mind to file for bankruptcy, you must seek an advice from some attorney who has specialization in bankruptcy. You will have to provide him with detailed information about your assets and income. Based on this information, they will for a model for helping you to decide whether you should file for bankruptcy under Chapter 13 or Chapter 7.
When you are working with some debt consolidation firm for the negotiating a repayment plan or would want to apply for the debt consolidation loan, you get an opportunity to mend your credit score. When you decide to file for bankruptcy, your credit score turns negative. A sure way to eliminate your debt is under the Chapter 7 bankruptcy. Of course, there is a heavy price for you to pay. Before taking this ultimate decision, you must explore all other available options.
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