1 / 6

How Do You Determine Whether Or Not You Should File For Bankruptcy?

Understand what bankruptcy choices you have. Out of all, only two types are commonly used in the United States i.e. chapter 7 bankruptcy and chapter 13 bankruptcy.

RecoveryLawGroup
Download Presentation

How Do You Determine Whether Or Not You Should File For Bankruptcy?

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapter 7 bankruptcy: This bankruptcy is designed to eliminate most of your debts over a four to six month period. You might, however, have to let go of some of your assets. Consult with an experienced bankruptcy attorney to learn about the potentiality of your case and whether or not should you consider filing bankruptcy. How Do You Determine Whether Or Not You Should File For Bankruptcy?

  2. Chapter 13 bankruptcy: This bankruptcy might seem a tad more complicated than the previous one, for it requires you to repay what you owe over a predetermined period. In Chapter 13 bankruptcy, your repayment plan is based on your debt pattern and income. But again, you should not file for it without consulting with an attorney.

  3. There are circumstances when you are although eligible to file for Chapter 13 bankruptcy, but Chapter 7 bankruptcy is still unapproachable. Each bankruptcy type has a respective set of requirements for you to meet and benefit from it. To speak in general, Chapter 7 bankruptcy is commonly used since it’s designed to wipe off most of one’s debts right away except for unpaid withholding tax, income taxes, social security tax, and other back taxes or tax penalties and mortgage debt. Chapter 13 bankruptcy is least preferred because the filer is pushed into a repayment plan, which means you’ll pay off as much of your debts as possible until the court eliminates the remainders.

  4. We can potentially help you get the fresh start you need financially with a Chapter 7 Bankruptcy to eliminate your debt or a Chapter 13 Bankruptcy,please email at below mentioned email id: Email id:info@recoverylawgroup.com , support@recoverylawgroup.com Contact Us:https://www.recoverylawgroup.com/contact-us/ Social Channels: https://www.facebook.com/Recoverylawgroup/ https://www.linkedin.com/in/recovery-law-group-691087176/ https://twitter.com/LawRecovery https://www.instagram.com/recoverylawgroup_attorneys/ Reach Out to Recovery law group For Enquiry

More Related