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  1. 1. Filing for individual bankruptcy is truly one of the worst financial events that can happen to someone. In our society, it brings shame alongwith a stigma that can virtually destroy the psyche of certain. However, sometimes, circumstancesleave you with no additional choice than to file for bankruptcy.Chapter 13 Bankruptcy
  2. 2. A person submitting for individual bankruptcy usually has a choicebetween Chapter 7 bankruptcy plus Chapter 13 bankruptcy Basedabout statistics, many individuals end up submitting for Chapter 7bankruptcy Under Chapter 7, the courtroom usually liquidate certainof their assets and provide the funds based on these phones thelenders In return the debt to the lenders usually be deemed paid Ifthe individual has a stable job with stable income, nonetheless, hemay choose to file under Chapter 13 The benefit in submitting thismeans is the fact that the persons assets are not sold
  3. 3. He usually be required, nonetheless, to enter into an agreement withthe courts to pay hisdebts within, at many, a five month period Witheither type of submitting, the record of the bankruptcy usually end upfound on the persons credit report Your attorney usually inform youof the best thing when you show up for a courtroom date But usuallyyou will be required to show evidence of your assets, income, costs,plus debts (secured plus unsecured) This involves points likeincome tax statements, utility bills, bank statements, credit card bills,mortgages, etc Make sure you bring everything thus the courtroomhas all of the information it desires to create a determination of thecase
  4. 4. When you file for individual bankruptcy, the hope is the fact that youcan receive a clean slate by having all your debts discharged Thereare some debts, nonetheless, that the courts usually wont discharge As an example, should you have back taxes, its very unlikely thatmaintain discharged Its also unlikely that child support debts usuallybe discharged A good plan isto talk to a attorney before beginningindividual bankruptcy proceedings After looking over a financial datahell have the ability to give you a good plan of what debts youll beleft with following the bankruptcy undergoes
  5. 5. If the court approves a bankruptcy request, it usually determinewhich of the debts usually be discharged plus those usually remainfound on the books The courtroom usually also notify a lenders ofthe bankruptcy status The courtroom usually moreover determinewhich of the assets you can keep The assets that you cant keepusually be sold or auctioned off to raise funds for the lenders Whatyou can plus cant keep varies from say to convey
  6. 6. Your bankruptcy attorney can tell Chapter 13 Bankruptcy you whatthe rules are in a individual say Deciding to file for bankruptcy is ahard choice to create Because of the stigma attached on it, peopleare deadly afraid of bankruptcy But, in many cases, its the bestchoice to create - both financially plus psychologically
  7. 7. Chapter 13 Bankruptcy