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Are you considering bankruptcy? Bankruptcy is a challenging, life-altering experience. . If you are considering consulting with an attorney about your debt-relief options, it is essential to remember that each type of bankruptcy comes with its advantages and disadvantages. . Advantages of Chapter 7 Bankruptcy.
If you’re struggling with overwhelming debt, you may be wondering if bankruptcy is the right solution for your financial situation. One of the most common questions people have is “How Much Debt is Needed to File for Bankruptcy?”
Debt elimination is typically one of the primary reasons a debtor will pursue bankruptcy. While filing for bankruptcy is often the best course of action if you are overwhelmed by debt and struggling to stay afloat, it’s important to understand what debts can and cannot be discharged in bankruptcy.
Filing for Chapter 13 bankruptcy is a positive step during a challenging time in your life. Instead of fighting with your creditors, you work with them proactively in the bankruptcy process to resolve your debts. In some cases, you may be eligible for a Bankruptcy Hardship Discharge.
Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecureddebts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. What Is Chapter 7 Bankruptcy?
Past-Due SecuredDebt. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Debt can also be secured using intellectual property, equity, and other soft debt. Missing payments on secureddebt causes the creditor to repossess the property as recourse.
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