If you're thinking about filing bankruptcy, there are some things that you should know. You have to understand about the different types of bankruptcy, what they mean for you, and which one is the best choice. You would generally file chapter 7 bankruptcy if you wanted to 'wipe out' your debt instead of simply find a better way to pay it off. There are other types of bankruptcy which result in a reorganization of amounts owed, interest rates, and how these things are going to be paid back. For those who are seeking a completely fresh start and have little to no personal property, however, chapter 7 is often the way to go. If you file for this type of bankruptcy and you have assets that can be sold off (not your house or car), they will be sold to help pay your debts.
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Most people keep paying on their home and their car and just keep them out of the bankruptcy proceedings. Second homes, second cars, boats, and similar items can be taken and sold to pay debt. Otherwise, the debt will simply disappear and the people who the money was owed to will never be able to collect it. This is the simplest type of bankruptcy and the most common, because most people who file for bankruptcy do not have the means to reorganize their debts and pay them off. If they did, they would not need the bankruptcy filing and they would often find other ways to negotiate with their creditors. Chapter 7 takes only a few months, and the length of time depends on the complexity of the case and how busy the courts are. Lawyers who handle these types of cases know how to get them completed quickly so that the debtor can have a fresh start.
When a person goes through chapter 7 bankruptcy, though, his or her credit will be adversely affected for some time. It remains on the credit reports of these individuals for up to ten years, and most companies are hesitant to give credit to someone who just went through a bankruptcy, largely because they feel that the person cannot handle money properly. There may be extenuating circumstances to some bankruptcies, however, and therefore some companies will work with people who have had recent bankruptcies. It depends on the company and is not required, so you'll need to be aware of what you might lose by filing chapter 7 bankruptcy. Most people try to avoid bankruptcy of any kind if possible, but sometimes there is little else that can be done.
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