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2008-10-27 06:12:30
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Article by Brian Miller |
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Millions of people around the world face situations at some point in time in their lives when they are faced with mounting debts. For many there is no other choice than to file for personal bankruptcy. If you are faced with a difficult financial situation, you will first of all need to know whether you qualify to file for personal bankruptcy. Certain income and debt levels have to be met in order to file.
The most popular form of bankruptcy is known as Chapter 7. Under Chapter 7 all your non exempt assets are either turned over to your creditors or liquidated. Exempt property typically includes things such as basic household furniture and vehicles. Then there are others who may qualify for Chapter 13 bankruptcy. Under Chapter 13 bankruptcy, the court will allow people who hold a steady job to keep some of their property such as their car or home. The bankruptcy court would in this case, approve a repayment plan that allows for using your future income in order to pay off the debts within a specific time period.
Both, Chapter 7 and Chapter 13 bankruptcies help in eliminating unsecured debts. They also put a stop to the debt collection process, foreclosures, garnishments and repossessions. Both also allow for different types of exemptions. These exemptions generally vary from one state to another. In fact there are also many laws related to bankruptcy from state to state that it is always preferable that to hire the services of a reputable, experienced bankruptcy attorney. They are aware of laws prevalent in your state and can therefore guide you through the entire personal bankruptcy filing process.
You will also need to remember that bankruptcy will not eliminate your secured debt. You could therefore still end up losing your home, if you were to default on your mortgage payments. You are also required by law to pay off your other debts such as child support, alimony and income taxes, among others. The good news is that once you file for bankruptcy, you can get a clean slate. You can then start anew.
Although the level of debt and income are some of the qualifying criteria in order to file for personal bankruptcy, most often it is a judgment call on the part of the bankruptcy court's judge. For instance if a judge reviews your financial situation and feels that you earn enough to repay your debts, they can dismiss your filing.
Find more on bankruptcy at http://www.debtsolution-strategies.com/bankruptcy.htm
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http://www.debtsolution-strategies.com
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