Bankruptcy
If the only way you can see out of your debt problems is to declare bankruptcy then you should research the subject, talk to your attorney and make sure you declare the right type of bankruptcy.
There are two types of bankruptcy. Liquidation bankruptcy and reorganization bankruptcy.
Liquidation bankruptcy is Chapter 7 bankruptcy and reorganization bankruptcy is Chapter 13 bankruptcy.
Chapter 13 bankruptcy is for people or businesses that want to pay back their debts over three to five years. Any foreclosures that were about to happen can be stopped when the court orders an "automatic stay" which means that the debtors can then catch up on any missed payments during the reorganization period. If the debts are not repaid after the period is up then the foreclosure will be allowed to proceed.
Chapter 7 bankruptcy will involve the liquidation of non-exempt assets in order to repay creditors and can be seen as a "fresh start" for many people. There are exempt assets which include
- certain portion of home equity
- portion of vehicle equity
- small allowance for clothing
- small allowance for other personal property.
As theses values differ from state to state it is important to discuss this with your attorney who will advise you the values for the state in which your are filing.
Best thing is to discuss things with a qualified financial expert and get the best decision for you.
Check out www.123-debt-consolidation-loans.com for more advice.
posted by Lorna @ 9:50 PM
2 comments
2 Comments:
To put it another way Lorna, how would you relate that to the wider home equity lines of credit ¿necesite un préstamo puente scene? Would your thoughts relate directly, or am I reading too much into this?
It's also acceptable to use everything at your disposal. There's a lot to long beach home equity loans and none of us can be expected to know everything about it. So - I'm sure you'll agree Lorna - if you can 'bring in the cavalry' when you need to, it can be a real big help.
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