Pends are affixed to the form in which it is filed. The most frequently filed types comprise chapter 7 as well as Chapter 13.

With Chapter 7 You will have to sell your property to repay your creditors. The trustee will be appointed to supervise the process. They is able to sell the debtor’s non exempt properties to pay creditors. Resting debts will be discharged once the assets are transferred to a buyer.

In some cases, the debtor is required to settle certain loans, for example, taxes or student loans.

Chapter 13 involves creating plans to pay off the debt over a time that is 3-5 years. Debtors are allowed to retain their possessions and repay their debts over the course of. When the repayment program is finished, the remaining obligations are usually discharged.

Potential loss of assets or damage to credit are serious consequences of filing bankruptcy. This can affect the possibility of obtaining credit later on. However, some debts cannot be paid in this manner.

Note that the laws and procedures involved can vary depending on the state in which it is located. If you’re thinking about taking this route, get the help of a qualified financial attorney to assist you in the process.

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