All the information you need to make an educated decision
Bankruptcy Help from DebtHelp
Bankruptcy is a legal alternative for individuals or businesses to relieve themselves of major debt loads. While it can be very useful for discharging debt or for instituting a realistic payment plan, filing bankruptcy is a serious move that should be taken only as a last resort. DebtHelp can help you find a lawyer to explain local bankruptcy laws for the options listed below.
Bankruptcy Options
If you have exhausted all other means of debt relief and decide to pursue bankruptcy, which type of bankruptcy is the best for your situation? The most common types of bankruptcy are Chapter 7 (liquidation), Chapter 11, Chapter 12, and Chapter 13 (all reorganizations). No matter which option you choose, it is important to remember the risks and special considerations relevant to bankruptcy across the board. More information about Bankruptcy Options
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is one of the most common forms of bankruptcy, and can be filed by both individuals and businesses. It is "liquidation" bankruptcy, by which debts become discharged and no longer require repayment. For this reason, many people prefer to file Chapter 7 if they are eligible to do so. More Information about Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a type of "reorganization" bankruptcy that implements a payment plan for debts under the discretion of a bankruptcy court. It is for use only by consumers, often those who are ineligible for Chapter 7. The result from filing may be payment in full of some debts, partial payment of some debts, and/or no payment at all for some debts, depending on the terms of the agreement and ability to pay. More Information about Chapter 13 Bankruptcy
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is a form of reorganization similar to Chapter 13. It often is used by businesses that do not qualify for Chapter 7 and sometimes by individuals who surpass the qualification limits of filing Chapter 13. More Information about Chapter 11 Bankruptcy
Chapter 12 Bankruptcy
Chapter 12 bankruptcy also is a form of reorganization similar to Chapter 13, but is reserved specifically for use by eligible farmers and fishermen. More Information about Chapter 12 Bankruptcy
Chapter 7 and Chapter 13 Bankruptcy--Which is Right for You?
Chapter 7 and Chapter 13 filings each have their own advantages, but determining which might be best for you will depend on your current financial position.
What Happens to Cosigners When You File For Bankruptcy?Bankruptcy is a very powerful financial tool that can affect the lives of those surrounding the debtor. Cosigners of debt should pay special attention as they are often not protected by someone else's bankruptcy.
Your Credit Rights After Bankruptcy: Discharged Debts and Zero BalancesRebuilding your credit should be at the top of your priorities after filing for personal bankruptcy. During this process, keep a close eye on your credit report as items can often be reported incorrectly by the credit reporting agencies. In general, all discharged debts should be reported as zero balances after bankruptcy. Often they are reported incorrectly and can end up hurting your credit more than necessary. To avoid these mistakes, understand your credit rights as a consumer even under the stain of bankruptcy.
Avoid Having Your Bankruptcy Case Dismissed: 8 TipsThe dismissal of your bankruptcy case essentially means it gets thrown out of the bankruptcy court. Once this happens, you lose the protections of bankruptcy, such as the automatic stay, and can then be held responsible for all of your remaining debts.
Six Things to Remember Before Filing a Chapter 7 BankruptcyWhile a Chapter 7 bankruptcy may be the most attractive and popular option, there are a few things to keep in mind that may actually change your decision.
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