Bankruptcy claim is one of the legal ways of obtaining relief from constant visits and calls from creditors such as private lenders, banks and other financial institutions. Individuals and companies file for bankruptcy when they find themselves mired in a financial mess. While it does put an end to hostile calls and visits from those whom you lend money, it does not mean you can shrug away your debts and walk away freely.
Bankruptcy claim is a complex process which must do only after a lot of consideration. You can file for bankruptcy either under Chapter 7 or Chapter 13, both of which requires you to fulfill certain terms and conditions. Filing for bankruptcy under Chapter 7 involves surrendering all your assets to the court. The payments received from selling off these assets will be utilized to clear off your debts. Under certain conditions you will be allowed to retain some of your assets, such as your family home, if you have other assets to square off your debts.
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Bankruptcy claim under Chapter 13 permits you to reschedule your debt payment structure under the supervision of a court appointed financier, who will have complete control over your assets and income. They will also be in charge of strictly ensuring that the pre-fixed schedule of payment is adhered to through the period of repayment.
There are certain major drawbacks of filing for bankruptcy. For instance, you credit ratings will be severely dented and it will leave an indelible mark on your credit scores. Undoubtedly, it will affect your personal life in more ways than one. Your social standing will take a huge hit and there will be many unpleasant situations that you will have to deal with at every stage of your life.
Another important aspect to keep in mind is that filing for bankruptcy does not come cheap. It is important to have an expert bankruptcy attorney advice and guide you through the process. File for bankruptcy is a relatively simple process which can be done professionally with the help of experts in the field. While you can certainly choose to do it yourself, the procedures and technicalities involved can prove to be beyond the comprehension of the common person. Hiring an attorney can also help you speed up the process at a much lower cost.
Bankruptcy claim must be done with a lot of careful consideration. There should not be any room for mistakes in submission of forms or divulging of financial information. Not submitting information in the desired format can result in your claims being rejected.
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