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Bankruptcy: Is It the Right Solution to Your Debt Problems?
There are two types of bankruptcy available to most people. If you file Chapter 13 , you may keep a mortgaged house or car. Rather than surrender property, you may pay off your debts over three to five years.
Filing bankruptcy under Chapter 7 requires you to surrender all assets that are not exempt in your state. Exempt property may include items such as basic household furnishings and work-related tools.
Both types of bankruptcy may get rid of debts where creditors have no specific rights to property and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Bankruptcy usually does not wipe out child support, alimony, fines, taxes, and some student loan obligations.
What is not mentioned about bankruptcy
- Bankruptcy will stay on your credit report for at least 7-10 years.
- Even after that period you might have additional difficulty obtaining a loan to buy a car or home.
Is there any way to pay off your debt without filing for BANKRUPTCY?
You really do want to avoid bankruptcy unless you want to spend the next decade having a very hard time buying a car or applying for any type of loan. We offer the alternative to that: debt management plan (DMP) which can not only save you from bankruptcy but can eliminate your unsecured debt in far less time than a debt consolidation loan at huge savings.
So, please take a few minutes to complete this brief application for a FREE QUOTE and one of our credit counseling specialists will contact you within 24 hours.
