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Thinking of Bankruptcy?

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If you’ve found yourself in a financial tight spot, that just keeps getting tighter, it can be tough to stand back and make smart decisions, taking the big picture into account. All over America, people like you are struggling just to keep their heads above water, juggling their credit cards and other bills, and trying not to let their payments get too far behind. The problem is that when your payments are just one day late, or, let’s face it, one minute late, your creditors will happily slap on late fees, over-the-limit fees, and higher interest rates, making it impossible to see your way out of your predicament. The decision to get your debt under control by filing for personal bankruptcy can have a profound effect on your life. Filing for bankruptcy can lead to a financial new day, no longer troubled by mounting debts, angry debt collectors, creditors and stress.

The Loans Store has developed a network of professional bankruptcy attorneys all across America. Complete our free, no-obligation, bankruptcy consultation request form to be contacted by a local bankruptcy attorney in your area to find out how bankruptcy could change your life for the better.

Chapter 7 Bankruptcy and Chapter 13 Bankruptcy are the two most widely used forms of personal bankruptcy. Which is right for you?

Chapter 7 Bankruptcy Chapter 13 Bankruptcy
- Liquidation of Assets & Debts - Adjustment of Debts
Chapter 7 Bankruptcy is usually used when: Chapter 13Bankruptcy is usually used when:
  • You don’t own any property except for the most basic necessities like clothing and furniture.
  • You have very little or no money left after paying basic bills and expenses each month, or you're not even meeting your basic expenses.
  • You have significant equity in your home or other properties and you don’t want to loose it.
  • You have a job or other regular income and can pay your living expenses, but you can't keep up the regular payments on your other bills.
What are the advantages of a Chapter 7 Bankruptcy? What are the advantages of a Chapter 13 Bankruptcy?
  • Most unsecured debts can be completely discharged (eliminated)
  • The bankruptcy process proceeds quickly; you could receive your discharge in only a few months.
  • Bill collectors can't contact you while your automatic stay is in effect, or after your debts are discharged.
  • You can retain most of your property while paying your past due accounts over time.
  • You'll have 3-5 years to pay your creditors and delinquent accounts.
  • Co-signers on any of your accounts may be protected.
  • Each month you make one payment to the bankruptcy trustee for distribution; you'll have no contact with creditors.
Who can file Chapter 7 Bankruptcy? Who can file Chapter 13 Bankruptcy?
Anyone completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection. Anyone whose unsecured debts are below $336,900 and whose secured debts are under $1,010,650.
 
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