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Welcome To Payday Cash Advance | |||||
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Payday Contents |
Bankruptcy Chapter 7 & 13 |
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Payday
Library of Financial Education |
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The following outlines some of the major revisions of the bankruptcy laws and how they may impact you: Bankruptcy is not the end all solution it's portrayed to be. To file bankruptcy, you must be legally declared unable to pay your debts. Often, you see advertisements promoting bankruptcy as "fast and easy", but that generally applies to the lawyer who files on your behalf, not you. Your lawyer isn't the one who has to live with the stigma of filing for up to 7-10 years. Bankruptcy is not a quick fix or a way to conveniently escape ones financial commitments. It suppose to be for those who have no hope of ever repaying their debts or need debt restructuring in order to make their debt load more manageable. Those who meet chapter 7 requirements are allowed to wipe out most unsecured debt. However, if the debt is secured or something that was court ordered, chapter 7 does not let you escape your responsibility. For example:
Chapter
13, or the Wage Earners Plan, allows the
individual to immediately stop collection activity and restructure
payments so that they are more manageable. Since filing bankruptcy is a civil proceeding, it is public event and becomes a part of your credit record. If you wish to spend the next seven to ten years paying cash for everything and don't plan on buying a car, home, or applying for a loan, then it may be for you. Most of us don't want to live that way. Our program can help you get out from under your debt load without having to take such drastic measures or make your financial problems public. Click on the link below and fill out our convenient online for and a consultant will show a faster and simpler way to manage your debts. Borrowed from Outta Debt.com |
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