Sometimes bad things happen to us and we feel like we have hit a bad end. Bankruptcy is among those embarrassing and gut wrenching situations that many of us hope never to find ourselves in. However, when the worst comes to the worst and we find ourselves in this position, it is only fair to ourselves that we grace ourselves with courage and set out to do what is required of us i.e. take legal action.
If you feel that there are no alternatives to your situation in terms of repayment to your creditors, the last resort could probably be filing for bankruptcy. This means that you have to put a record in court to show that you are no longer able to pay your creditors. In as much as this will paint a negative image about your credibility, it will save you from the agony of being called every now and then by your creditors.
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In addition, the creditors, by law, will be required to stop any further action they may be planning to take against you. You need to know that there are various chapters of the law governing bankruptcy. The five most common ones are 7, 9, 11, 12 and 13. While they all talk of the different approaches to insolvency, let us take some special attention on chapter 13 bankruptcy law.
It is also referred to as 'Adjustment of Debts of an Individual with Regular Annual Income.' It actually makes one feel like life is giving you a second chance because it gives you up to 5 years to clear your debts. Your assets are not liquidated and you are allowed to keep them. All you need is to make a commitment of how you will repay your creditors over this period of time through a trustee.
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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