When someone runs a credit report do you cringe? Wondering how low it will be, knowing there is no way you will be approved for any type of loan. There are ways to clean up your credit. You can call a credit debt counseling service and they will set up a payment plan for you or you can file for bankruptcy. Just because you file for bankruptcy it does not make you an irresponsible person.
What you decide
Though you shouldn't jump right into filing a petition for bankruptcy you should consider one. If you are so far behind that it seems like you will never be able to catch up again you may want to check into this. For an individual you will have two choices in a bankruptcy a Chapter 7 or a Chapter 13.
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Chapter 7
When you start thinking of filing for bankruptcy you will need to figure out if a Chapter 7 is right for you. Not only that but you will need to find out if you qualify for a Chapter 7. This is when you go and find an attorney to help you out. They will be able to let you know if you will qualify for this option or not. If you do there are several things you will need to provide that will have to be filed in your case; a list of all your assets and liabilities, what you make each payday and any expenditure that you pay out each month, or do you have a contract with a party to pay on something monthly, like a car. You may want to look into taking a debt management course. In this class they will give you what is called a debt management plan. You will need to file this into the court records too.
Chapter 13
With a chapter 13 the biggest difference is that your bills will not be wiped off your record. Instead a payment plan will be created to pay off your bills, most of the time at a 50% discount of what was owned. You will have anywhere between 36 and 60 months to pay off the debts. If you happen to be going through foreclosure proceedings they will be stopped when you file for bankruptcy. This is not the same case for a Chapter 7. Do your research and find out which one you need to go with based on your debt. Not everyone has the same debt and that is why you need to look into all your options to find out which works best.
Decisions
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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