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Can I Find Reliable Information On Bankruptcy?
Author : Jim Brown
While the internet is often seen as the great oasis of information, it can be just as hard to sort through the misinformation as if you started at a library. It is often hard to tell whether the author is an authority or whether the information is even true!
You may want to delve into the details of bankruptcy later but, for now, you can begin with a solid basis of information. So, here is the who, what, and how of Chapter 7 and Chapter 13:
Chapter 7 Basics
Chapter 7 is a straight bankruptcy. It eliminates large amounts of unsecured debts (medical bills, credit card debt, payday loans) while also putting a stop to wage garnishments and harassing creditor calls. Keep in mind, only people who meet the requirements can file a Chapter 7.
You must first meet the eligibility requirements of a Chapter 7, which include the Chapter 7 means test. It simply determines whether you are really able to repay your creditors or not.
Chapter 13 Basics
Chapter 13 bankruptcy is reorganization. Chapter 13 is typically for people who don't meet the requirements of a Chapter 7 or have a lot of secured creditors and property to protect. The automatic stay will keep your creditors off your back, giving you time to breath and form a great Chapter 13 plan. Chapter 13 can stop your creditors from harassing you and garnishing your wages, allowing you time to develop a good plan and a chance to get current on your debts.
You have to meet a few requirements in order to file, mostly having to do with the amount of debt you have and a few sessions of credit counseling. If keeping property is a priority of yours, Chapter 13 is probably exactly what you are looking for.
How do you know which chapter is right for you? Typically, a great bankruptcy attorney can help you figure out the right chapter to file after looking at your debts, your assets, and how you want your financial future to be.
Now that you know what the basic definition of each kind of bankruptcy is, you can have an easier time looking for more detailed information. But be careful—it is often hard to tell fact from fiction on the internet. Start your quest for information with information from the best attorneys around you. Every attorney offers a free consultation, but the highest quality attorneys want to educate you before you even seem them.
Author's Resource Box
Jim Brown is a bankruptcy attorney based in St. Louis, Missouri. He has spent 15 years fighting an industry that consistently takes advantage of hard-working Americans.He started his rim, Castle Law Office, with his wife and best friend, Sherrie. In his spare time, he enjoys coaching youth hockey, golfing, and spending time with his three wonderful children.For more information, visit http://www.castlelaw.net
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Tags: know about bankruptcy, bankruptcy basics, chapter 13, chapter 7
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Submitted : 2010-07-25 Word Count : 1 Popularity: 156 Times Viewed: 11
