Get an Education Before A Bankruptcy Filing

In the recent years, many Americans have been faced with the possibility of filing bankruptcy to get out of debt. In the past, filing bankruptcy was more of a way to get back on your feet and now it has become a matter of survival. When someone is considering the process they should spend some time and get themselves an education about bankruptcy. There are many places to look for information about the topic of bankruptcy. If someone has access to computer the Internet is probably the fastest and easiest way to get a large amount of information in a short amount of time. If that is not available, one can always go to the library and explore the topic from books and magazines.

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The first and easiest place to look for information on bankruptcy is on the World Wide Web. The Internet has a wealth of information about the process and is a good place to start. Since filing bankruptcy is a legal process, time, date and location are very important for the information you need. You wouldn't want to spend a lot of time learning about Canadian bankruptcy when you live in Texas. It would just be a waste of time. The bankruptcy code is constantly changing and an individual needs to be aware of that. Every year the median income chart is released on the federal U.S. Bankruptcy Court website. This is important because it might mean the difference between someone qualifying to file Chapter 7 bankruptcy or being forced into a Chapter 13.

Personal bankruptcy comes served up in two chapters, Chapter 7 and Chapter 13. In a nutshell, a Chapter 7 bankruptcy is otherwise known as liquidation bankruptcy because the bankruptcy trustee can liquidate any property that is not protected by bankruptcy exemptions. Even though Chapter 7 bankruptcy is known as liquidation bankruptcy rarely does anyone lose any property especially in this economy. On the other side of the coin, Chapter 13 bankruptcy is known as a wage earner bankruptcy. This is because the individual filing and their bankruptcy attorney are required to submit a feasible repayment plan that will last 3 to 5 years. Any unsecured debts left unpaid at the end of the Chapter 13 plan will be included in the bankruptcy discharge and wiped out. Filing Chapter 13 is best known for its ability to protect one's property. If the individual can afford to keep it, they will be able to catch up on any of the arrears.

What's best for you? The only person that knows is you. After gathering a minor education in bankruptcy filing, a person should take the time to go in and sit down for a consultation with a bankruptcy attorney and have their bankruptcy questions answered. In most cases, the bankruptcy attorney will sit down and discuss the individual's personal situation for free. This is a pretty good value to get some free advice even if you don't decide to file for bankruptcy.

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