This post was prepared by yours truly, with contributions from Phil Bradford, a financial web content writer. Phil graduated from New York University School of Law and recently joined Herald University as a reporter. He has also written for websites such as debtfreeguys.com and disabilitycanhappen.org
An now, on with the post…
Those who’ve exhausted their financial options or are unable to meet obligations due to illness, divorce, job-loss, or other life-altering events, may consider filing Bankruptcy to get their life back on track. Here is a quick-guide to help you navigate the process with the help of a good Bankruptcy Lawyer:
Basic Types of Bankruptcy
The most basic distinction when thinking about Bankruptcy is the one between a liquidation (Chapter 7) and a reorganization (Chapter 13 for most people). Whether you need to file a Chapter 7 or 13 case will depend on several factors, including:
- Total “household” income
- The value of your property
- What you stand to lose
- What you intend to keep
That said, below you will find a few of the most important points when considering if Bankruptcy is right for you.
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