1.Click anywhere in the box below & press Control A to select all.People often ask “Can I file bankruptcy?”
Depending on their financial situations, the answer is often”it depends.”
This is because consumers often think that there is only one type of bankruptcy: Chapter 7- liquidation. And that they can discharge much of their unsecured debts through a Chapter 7 proceeding.
However, there’s more to the story.
As we’ve mentioned previously, there are 2 main types of bankruptcy for consumers these days:
1)Chapter 7- liquidation.
2)Chapter 13- reorganization.
And after the new bankruptcy law passed in 2005, there is no way of saying who’s eligible for what. It’s often not cut & dry- it’s often a case by case basis.
Consumers should always consult with a lawyer to see which type of bankruptcy they are most likely elligible for.
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2 Comments
Haven’t some of the rules regarding bankruptcy recently changed? Or maybe they are changing soon. One of my family members does IT contracting for one of the local trustees, and said they’ve been just swamped by people trying to rush their filings through.
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their have some rule regarding bankruptcy recently changed thanks for this article ……
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