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For those overwhelmed by debt, declaring bankruptcy can sometimes be the smartest way out of a financial crisis.
Before filing for bankruptcy, it is important to understand that not all bankruptcy declarations are created equal. There is the declaration for personal bankruptcy (Chapter 7 or Chapter 13) versus business (Chapter 11). Some entail the selling off of properties and assets to repay creditors while in others these are considered ‘exempt’ and therefore safe. Depending on how and when it is orchestrated, a bankruptcy declaration can be a great move to rebuild and start afresh; However, if mismanaged, it can hurt your reputation and credit score for years even as you are forced to liquidate hard earned assets, with little or no control of the proceedings.
Chapter 7 Bankruptcy Chapter 7 Bankruptcy is the go-to bankruptcy plan for the most overwhelming debt scenarios. It is the most famous bankruptcy plan because it completely wipes out most debts and usually requires no debt repayment. It stops creditors in their tracks and gives the borrower a completely fresh start. Read More
Chapter 11 BankruptcyChapter 11 Bankruptcy is most often sought out by business corporations, sole proprietorships, and partnerships. This bankruptcy allows businesses to remain open while taking a step back and reassessing their debts in a way that will allow sustained operation and better management of finances. Read More
Chapter 13 BankruptcyChapter 13 Bankruptcy is known as a repayment plan. Chapter 13 Bankruptcy is a favorable option because it considers the individual’s debt and income and structures a plan for the debtor to reasonably pay off his or her debts either partially or in entirety. Read More