For most debtors considering Chapter 7 bankruptcy, a decision must be made about what to do with assets that are attached to a loan.Secured loans — those with collateral property that the lender can take if payments aren't made — can be handled in one of four main ways during liquidation bankruptcy.Here's what you need to know about these four.
The most common way to keep your car or real estate after bankruptcy is to reaffirm the loan.
When you feel like you have no hope of overcoming your financial hurdles, you might want to give up. Before you give up, you could consider looking into Chapter 7 bankruptcy. Chapter 7 helps people who need extreme financial relief from debt, and it might also help you. If you are uncertain whether this is a good choice or not, here are some tests to complete that might help you find the answer.
Bankruptcy is a major event in life, and it is not something to rush into. If you are considering it, you might want to evaluate your options first. You might also want to learn more about the effects it might have on your life. There are several steps to take that can help you determine if you should proceed with filing, and here is some information to help you know how to decide.
Choosing between Chapter 7 and Chapter 13 is not always a simple choice as both offer benefits. If you discover that you qualify for Chapter 7 and decide to use it, you might want to learn some things about it before filing. Here are four essential facts to know about Chapter 7 bankruptcy if you are considering filing.
1. You Must Pass the Test to Use It
One vital thing to know about Chapter 7 bankruptcy is that people can only use it if they pass a test.
Bankruptcy is a chance to start over again. It's a way to escape the worries and stress of your debts and get your life back on track. If you've found yourself in debt and you're over your head, without a way out, bankruptcy is a chance for you to start over. If you have decided to file for bankruptcy, there are a few things you should do after you file. Read below for some helpful information to guide you after you've filed for bankruptcy.