Ask yourself why you Want to File If you believe filing bankruptcy is a measure that will relieve you of some or most of your debt, but got there by irresponsible spending, then you should seek a different kind of remedy, or obtain credit counseling help. However, if bankruptcy has resulted from loss of employment, a disability, divorce, or excessive medical bills, then filing Chapter 13 Bankruptcy (reorganization) or Chapter 7 Bankruptcy (liquidation) may be [...]
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Avoiding Bankruptcy: Making Some Budgetary Changes A secured loan is a collateralized loan. In other words, in order to obtain the loan, you either put up the house or car your buying as collateral in case you default on the instrument. If you want to maintain timely payments on a secured loan then, you have to get into the habit of responsibly spending and budgeting your money. Of course, sometimes a job loss, medical expenses, [...]
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Chapter 13 Bankruptcy Reorganization In most cases, if you own a car or home, and choose bankruptcy, then you normally will file Chapter 13 bankruptcy reorganization. This type of filing, which applies to most debtors, involves quite a bit of paperwork as you have to provide a plan for repayment to the bankruptcy court as well as include a detailed budget. What’s more, this plan and budget can be challenged by the court if the [...]
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Keeping Major Assets in a Bankruptcy For anyone facing bankruptcy, they often wonder how the process will influence any secured loans – mainly for their car and house. Therefore, in bankruptcy proceedings, if you can manage it, it’s often preferable to reaffirm your debt, and continue to pay on any secured loans for your home or car. That way, you can keep your house or automobile and continue to make payments. Reaffirmation allows you to [...]
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