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Filing
bankruptcy to clear debts
If you want to answer financial hardships then the best option is filling bankruptcy. The term bankruptcy is defined as a situation when there is a serious financial setback due to loss in business, loss of job or death of an earning member of a family etc. Finances completely are out of control in such situations so it is always advisable to take a legal step and opt for filling bankruptcy.
Before you make a tough decision of filling bankruptcy it is important that you hire a bankruptcy attorney who is an expert in handling such cases. The most important thing is to provide all the credits, transaction professional and personal assets before a bankruptcy attorney. Only when you maintain a transparency your petition can be filed. Depending upon your financial status your bankruptcy attorney will advise whether filling bankruptcy should be under chapter7 or chapter 13.
If you have any possibility of repaying your creditors within a short time span then your petition will be filed under chapter 13 but if you are absolutely bankrupt and no possibility of paying back your creditors then the option for you is chapter7.So this decision will be made by your attorney. If you think that you are capable enough in filling bankruptcy case yourself without an attorney then it is mandatory to study the case in detail and thoroughly know about chapter 7 and 13 for making a right decision.
In most cases filling bankruptcy is considered to be the only option for solving the situation. So act wisely and then decide.
If you want to answer financial hardships then the best option is filling bankruptcy. The term bankruptcy is defined as a situation when there is a serious financial setback due to loss in business, loss of job or death of an earning member of a family etc. Finances completely are out of control in such situations so it is always advisable to take a legal step and opt for filling bankruptcy.
Before you make a tough decision of filling bankruptcy it is important that you hire a bankruptcy attorney who is an expert in handling such cases. The most important thing is to provide all the credits, transaction professional and personal assets before a bankruptcy attorney. Only when you maintain a transparency your petition can be filed. Depending upon your financial status your bankruptcy attorney will advise whether filling bankruptcy should be under chapter7 or chapter 13.
If you have any possibility of repaying your creditors within a short time span then your petition will be filed under chapter 13 but if you are absolutely bankrupt and no possibility of paying back your creditors then the option for you is chapter7.So this decision will be made by your attorney. If you think that you are capable enough in filling bankruptcy case yourself without an attorney then it is mandatory to study the case in detail and thoroughly know about chapter 7 and 13 for making a right decision.
In most cases filling bankruptcy is considered to be the only option for solving the situation. So act wisely and then decide.