The bleak economic condition that has been plaguing the United States for the past couple of years have caused a lot of fiscal setbacks, to various business entities, as well as to ordinary American individuals. The prevailing gloomy situation has forced many of them to file for bankruptcy because of their inability to cope with their mounting financial obligations. In fact, bankruptcy has seemingly attained the status of becoming a household word in today's times.
However, all is not lost because there are options for relief under bankruptcy laws, which would enable these individuals to close the chapter on their financial struggles and begin rebuilding their future one more time. So if you are in a precarious financial condition right now, and you are already contemplating on filing for bankruptcy, you will definitely be glad to know about the options that are available to you. Under the United States Bankruptcy Code, there are several chapters or options that you can choose from. Each of these chapters has different forms and processes with regards to the protection being sought. Two of the most common chapters being sought by most Americans are Chapter 7 and Chapter 13.
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Under Chapter 7, an individual who is experiencing financial difficulty may file a petition in the bankruptcy court for protection. In this case, the petitioner will be submitting to the bankruptcy court for review a schedule of his assets and debts. The creditors named in the petition filed will also have the chance to review the submissions made by the petitioner. Upon determination of the bankruptcy court and the parties concerned, the petition may be granted subject to some conditions. The main objective of the petitioner under this option is the discharge of his debts. Although this option is pretty simple, any individual who files a petition under this chapter should be careful enough in order to avoid making a mistake.
Chapter 13, on the other hand, is sometimes referred to as the wage earner's bankruptcy. This is because this option is oftentimes sought by regular wage earners who possess the ability to continue on making small portions of payments to their creditors. If the creditors will not pose objection to such petition, the court may grant its execution for a definite period of time, after which, the remaining debts are discharged.
These two options are essentially allowing you to start all over again, giving you enough leeway to rebuild your life. However, a positive outcome can only be gained if you have an experienced lawyer who will be able to clearly communicate your intentions to the court and the creditors. Your lawyer can also help you avoid any missteps that might be too costly for you.
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