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Bankruptcy 101: What It Really Means and Whether It’s Right for You

March 11th, 2016 · No Comments · Bankruptcy

by Kristy Welsh

(Last Updated On: January 19, 2018)

Bankruptcy 101: What It Really Means and Whether It’s Right for You

While bankruptcy can be a positive step in the right direction, that’s only true under the right circumstances. Sometimes alternatives to bankruptcy are best. For one thing, bankruptcy may not wipe out all of your debt. Plus, you’re still stuck needing to repair bad credit that bankruptcy leaves in its wake. The only way to know whether bankruptcy is right for you is to educate yourself about the process. This list of resources is a great place to start.

Chapter 7 FAQs

Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor then receives a discharge of all dischargeable debts. Read on.

Chapter 13 FAQs

Under Chapter 13, you repay most or all of your debts, which can give you certain advantages over Chapter 7. Read on.

Bankruptcy Myths

Filing bankruptcy can be a scary proposition and one that should not be taken lightly. Just make sure you are proceeding with a clear understanding of what’s true about bankruptcy and what’s not. Read on.

Alternatives to Bankruptcy

There is no easy way to get out of debt. Some hard choices are in front of you but there are always alternatives to the long-lasting effects of filing bankruptcy. Here are some basic strategies for getting your debt back under control. They’re listed them in order of best to worst in terms of the effect they will have on your credit. Read on.

50 Questions to Ask When Looking for a Bankruptcy Attorney

As though filing for bankruptcy isn’t stressful enough, you’re further challenged with finding a competent bankruptcy attorney you can trust. Most attorneys offer a free initial consultation. Take this opportunity to meet with multiple attorneys and ask the kind of questions that will help you choose the right one. Read on.

6 Ways to Rebuild Your Credit After Bankruptcy

Considering all that’s involved with filing for bankruptcy — from the decision to file, to the legal process, to the recovery — the last thing in the world you want or need to happen is to get off track again. Quite the opposite, in fact; you want to make the most of your clean slate and build your credit bigger and better than ever. Read on.

Learn more about bankruptcy.

The information contained in these articles should not be considered legal advice. Consult with a bankruptcy attorney for recommendations specific to you.

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