Bankruptcy refers to a situation when you are not in a position to make the repayment of your bills due to which the court steps in to discharge your debts either by restructuring of debts or by liquidating your assets and properties.

Bankruptcy Alternatives

If you are considering filing a petition to be declared as bankrupt, there are several things that you need to take into your careful consideration in order to make an informed decision. Bankruptcy is not always the best option. This is instead the last option that you can try when all other alternatives fail to work. But, do you really know those alternatives? If not, this is a must-visit section for you. It will show you an extensive array of ways that can help you avoid bankruptcy. Visit this section if you are serious about putting your finances back on track without becoming bankrupt.

Bankruptcy Basics

What does it really mean to become bankrupt? How it affects your personal, professional, and financial life? Is it the right option for you, considering the specific situation you are in? What do the laws say about it? Do you have any legal rights in this regard? This section answers all the basic questions that you may have about bankruptcy.

Bankruptcy Exemptions

Bankruptcy is often assumed as a process where all your assets and properties are liquidated in order to pay off the debts that you owe to different creditors. In reality, the exact process depends on the specific chapter the petition has been filed under. In any case, where the liquidation of assets and properties is involved, the laws allow you to keep some of those assets. Those assets are called to be “exempted”. This section gives you a detailed rundown on how bankruptcy exemptions work and how you can make the best use of the same.

Bankruptcy Laws

Bankruptcy laws have been explained under different chapters of the bankruptcy code. Some common chapters include chapter 7, chapter 11, and chapter 13. There are other chapters also that are applicable to very specific situations. The laws however are very complicated. This section tries to explain the laws in simple language in order to help you make an informed decision.

Filing Bankruptcy

Filing bankruptcy seems to be an easy option, but the process is not as simple as it sounds. There are plenty of things that you need to take into your careful consideration in this regard. This section answers all your queries that you may have regarding bankruptcy filing.

Life after Bankruptcy

Just because you have become bankrupt, it doesn’t mean that it is the end of world for you. It is true that the record remains alive on your credit report for the next 7 to 10 years, but if you follow certain strategies, you can definitely put your finances back on track. Whether it is about getting a mortgage, car loan, personal loan, credit card, or even employment, this section will help you how to enjoy a smooth life after bankruptcy.

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Posted in Bankruptcy, Bankruptcy Alternatives, Bankruptcy Basics, Bankruptcy Exemptions, Bankruptcy Laws, Filing Bankruptcy, Life After Bankruptcy | 1 Comment »

One Response to “Bankruptcy”

  1. Joseph says:

    It is very difficult to take a decision upon a life changing moment. Being a bankrupt is very painful to accept. The article will motivate every one to go for a second thought after filing for the Bankruptcy. There may be so many alternatives like Debt Consolidation or Debt Settlement. One need to think about the alternatives of Bankruptcy available, if no other option is there, bankruptcy is the only last option to follow. Any individual who has decided to file the petition for Bankruptcy must read this article carefully. It is true that life is going to be changed after Bankruptcy but the life will not come to an end with it. There is a very complicated process to follow and you should be very well aware of all the laws associated with it. Awareness will help you to save some thing for your future, like there are some exemptions under the law of Bankruptcy. Above all one has to make his/ herself strong to face the term Bankruptcy. Because the main challenge will start after being bankrupt you have to follow some strict financial discipline to keep your life back on the track

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