Filing bankruptcty
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The document discusses bankruptcy as a potential solution for individuals unable to pay their debts, highlighting when to file and the types available, namely Chapter 7 and Chapter 13. Chapter 7 eliminates all debt, while Chapter 13 allows for partial debt resolution and repayment over time for those with a stable income. Key considerations for filing include evaluating assets, liabilities, and financial obligations, along with the necessary steps for filing and meeting creditor requirements.
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Filing bankruptcty
- 1. Find out whether the bankruptcy is the last option for you ?
- 4. When to file for Bankruptcy?
- 5. When you are unable to pay your debts, you can file bankruptcy
- 6. Before you file for Bankruptcy you need to understand which option suits you best ?
- 7. Two major types of bankruptcy Chapter 7 bankruptcy immediately wipes out all your debt. Chapter 13 bankruptcy wipe out some debt and remaining debt you can pay back over several years.
- 8. Who can file Chapter 13 Bankruptcy ?
- 9. People with regular income People willing to pay off Debt People who need time to pay off Debt
- 11. Things to Consider Assets and Liabilities Current income and Expenditures Executory Contracts Unexpired Leases
- 12. Held a Meeting with Creditors
- 13. Your Repayment
- 14. Pay a court filing fees & other administrative fees
- 16. Begin making your payments You can start within 30 days of filing plan
- 17. Need Further