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Personal Bankruptcy
You can avoid bankruptcy. Get help with your debts here.
Filing for bankruptcy should only be considered as a last resort. Bankruptcy stops lawsuits and any other attempts by creditors or collection agencies
to collect from you. Tip! Find a bankruptcy attorney in your
circle of your acquaintances.
Under Chapter 7 all non exempt assets are liquidated or turned over to creditors. Exempt property may include automobiles, work-related tools, and basic household furnishings. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. Chapter 13 Bankruptcy allows people with a steady job to keep property like their home or car. In Chapter 13 the court approves a repayment plan that allows you to use your future income to pay off debts during a three-to-five-year period while keeping your property. A court-appointed trustee oversees the repayment plan. After you have made all the payments under the plan, you receive a discharge of your debts.
Both types of bankruptcy may get rid of unsecured debts and stop
foreclosures, repossessions, garnishments and utility shut-offs, and debt
collection activities. Both also provide exemptions that allow people to
keep certain assets, although exemption amounts vary by state.
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