Need explanation of Bankruptcy chapter 7
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alanson
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Joined: 11 Nov 2007
Posts: 2
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 Posted: 09/03/08 - 05:30 Post subject: |
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| When there is too much debts for you to pay off in any near future, when there is no more income you can earn to pay it off, you should start thinking about filing for bankruptcy. There are various types. The most common are chapter 7 and chapter 13 bankruptcy. One clears your debt completely, while the other makes it reorganized, and both are resolved before the court. It can help you, but you have to be extremely careful going into this process. |
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spencer
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Joined: 10 Apr 2006
Posts: 1
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| Posted: 09/18/08 - 03:59 Post subject: |
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Along with the chapter 7, consider chapter 13. The latter one is often desired as it gives advantage of restructuring of your debt and being visible on your record for three years less than the former (7 instead of 10 years). Also, your debts have to be fixed, and unchangeable, while lower than 250,000 as unsecured. Hope you find the info helpful. You may find out more helpful info at http://financialplan.about.com/cs/creditdebt/a/
Bankruptcy.htm. Best of luck. |
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duff
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Joined: 03 Feb 2005
Posts: 1
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| Posted: 10/03/08 - 02:28 Post subject: |
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| Running any kind of business is never easy, and part of it is making a sound financial plan. Now, knowing about taxes you need to pay is equally important. Now, getting info on current financial stats is pretty important, and a good business move, or even necessary. There might come time for bankruptcy, and there are various types. The most common are chapter 7 and chapter 13 bankruptcy. Chapter 7 is much more useful if you want to start over from scratch. |
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