Wipe Your Financial Slate Clean by Claiming Bankruptcy

As the economy continues to go south, more and more people find themselves in need of a financial turnaround; they need to wipe the slate clean so that they can begin functioning again as a productive member of society. Chances are that if you're reading this article you're aware of the protections granted under the US Bankruptcy Law, which are set in place to provide the indebted with a way out of their financial mishaps. Coupled with an honest and capable attorney, Chapter 7 and Chapter 13 bankruptcy are viable options for many in need of rescue.

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For those looking to completely start over, Chapter 7 is likely the simplest and quickest option. This form of bankruptcy protection involves a court appointed trustee that is responsible for selling all of the debtor's non-exempt assets. The money gained from the sales of those assets is then used to pay creditors, thereby freeing the borrower from further liability. The items that can be retained by the borrower, otherwise known as "exempt" items, vary from state to state, though common items include residences, trade tools, prescription aids and benefits that fall under social security.

Of course, one must first qualify for Chapter 7 before the process can begin. Eligibility is determined using the debtor's assets and liabilities in comparison to the local standard or average. If a budget analysis determines that sufficient funds exist for a periodic repayment of debts then the borrower will likely be forced to file under Chapter 13, which will initiate a repayment plan over 3-5 years. All credit counseling and budget analysis must be paid for by the indebted, though there are a variety of free online calculators that can provide a general guideline for filing.

Regardless of the type of protection you seek, you should be prepared to provide a variety of information pertaining to your finances including a list of your creditors, all of your assets and liabilities, your living expenses and your monthly household income. It's also extremely important that you seek the council of a qualified bankruptcy attorney, who can help you get on the path toward financial freedom.

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