Bankruptcy is something that you have to file when you can no longer afford to pay your existing debts including a car loan, credit card loan or even your mortgage loan which does happen even in the Lompoc real estate market with the homes in lompoc or any property.? No matter where you may be the economy can hit you in hard Chicago or in Santa Maria, Ca. its one of the financial hardships that some have to face.? But its also one way to get out of a financial burden.
There are several types of bankruptcy that one should be familiar with, but the most well-known are the chapter 7 and chapter 13. Chapter 7 is commonly used by many because it completely erases debts. It helps the debtor to be released from its obligations of making repayments. Filing Chapter 7 should not be taken for granted because it is a serious matter.
When you file for bankruptcy, you will be given a fresh start but it will remain on your credit report for a decade. It will still show that you are a high risk and is financially irresponsible.
If you want a less harmful option, choose Chapter 13. You will be working to repay your debts on a payment plan, but there are still marks against you. The advantage of this over Chapter 7 is that you will not be considered as irresponsible even though you are still a high risk. Chapter 13 is a better option since you may be able to keep your home, your assets will not be sold to pay your creditors.
It is harder for people to receive Chapter 7 bankruptcies because of the act that was passed in 2005. To keep your self on the right track, you must do pre-filing credit counseling sessions and also post-filing financial counseling.
To be able to make the right decision, you must weigh the pros and cons of Chapter 7 and Chapter 13 bankruptcies. Choose one that will surely help you get out of the financial crisis you are in.
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