How do you know Bankruptcy is right for you? Has the economy turned you situation around so fast that bankruptcy is an option. If you are considering bankruptcy you need to know what changes were implemented a few years ago and how this affects you. You may not have considered other options available to you that lenders are offering these days.
Personal bankruptcy offers two chapters, chapter 7 and 13. If you are considering this you have probably read a slew of information, but the basic differences are chapter 7 is a total dismal of debt while chapter 13 is a 3-5 year reduced repayment program. At the end of the term your outstanding debt is dismissed.
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The big change the credit card companies pushed for and got was income limitations. It's clear cut, to file chapter 7 you have to be below the median income level established for each state. This differs per number in the household. If you are above the median income level you have no choice, you have to file chapter 13.
Your credit score will be adversely affected and you cannot file for bankruptcy for another 8 years. Also consider this, if bankruptcy is your choice make all your moves where credit is a factor before you file. Such as having to move to an apartment or changing car insurance where credit scores are used.
Once your score is lowered it will be difficult for a period of time to get certain things dependent on your credit score.
What complicates the issue is if you have a house, cars, boats or other things of value. If you are at this point debt can become a emotional issue, having a 3rd party to discuss this with is a good idea. Consultations are FREE and go to 3 or 4 lawyers and get the feel for the process.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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