You might be one of the millions of people who believe that filing bankruptcy is the only way to conquer debts. But is it a fact or a myth? Here is some truths you might not know about bankruptcy.
Chapter 7 bankruptcy is one type of bankruptcy available today. It offers some benefits like clearing out your unsecured debts. However, you are required to sell your assets to pay any remaining balances. This is a tremendous disadvantage of chapter 7 bankruptcy because you are not allowed to decide what to do with your remaining assets. Instead, the court will seize control and make decisions they think are best to resolve any debts. This process usually does not work in favor of the debtor. Filing for Chapter 7 bankruptcy is also very difficult because of the new laws implemented in 2005. In most cases, it is impossible to even qualify for because of the complexity of the process. To avoid wasting your time, and money, it is best to look for other effective options.
On a different note, Chapter 13 bankruptcy is easier to qualify for. This is another type of bankruptcy which will also take over the control of your finances and assets. True the people in the courts might have more knowledge and experience in handling these sort of matters, but no one wants to give away their rights, power, and money to someone else. You will also be obligated to pay them for these "services" and will be bound to pay them regardless of the turnout. Is this the kind of solution you want?
So what is the best way to resolve your financial problems? You must search for available services that can give you the same benefits you can get from Chapter 7 and Chapter 13 bankruptcy, but will allow you to control your assets and finances as well. You must avoid both personal and business bankruptcy at all costs. Instead, focus on finding solutions that give you the means to reduce your debt balance without losing financial control of your hard earned money. Selling your remaining assets is not a good decision to make, especially in financially tough times. You can avoid bankruptcy if you have the right knowledge and tools. You must look for a good service to help you achieve this. The best way to get out of money troubles is to use legally effective systems which allow you to avoid bankruptcy and resolve financial distress.
Now you know your options when it comes to bankruptcy. You will want to make the best decision for your personal finances with the best information available.
Chapter 7 bankruptcy is one type of bankruptcy available today. It offers some benefits like clearing out your unsecured debts. However, you are required to sell your assets to pay any remaining balances. This is a tremendous disadvantage of chapter 7 bankruptcy because you are not allowed to decide what to do with your remaining assets. Instead, the court will seize control and make decisions they think are best to resolve any debts. This process usually does not work in favor of the debtor. Filing for Chapter 7 bankruptcy is also very difficult because of the new laws implemented in 2005. In most cases, it is impossible to even qualify for because of the complexity of the process. To avoid wasting your time, and money, it is best to look for other effective options.
On a different note, Chapter 13 bankruptcy is easier to qualify for. This is another type of bankruptcy which will also take over the control of your finances and assets. True the people in the courts might have more knowledge and experience in handling these sort of matters, but no one wants to give away their rights, power, and money to someone else. You will also be obligated to pay them for these "services" and will be bound to pay them regardless of the turnout. Is this the kind of solution you want?
So what is the best way to resolve your financial problems? You must search for available services that can give you the same benefits you can get from Chapter 7 and Chapter 13 bankruptcy, but will allow you to control your assets and finances as well. You must avoid both personal and business bankruptcy at all costs. Instead, focus on finding solutions that give you the means to reduce your debt balance without losing financial control of your hard earned money. Selling your remaining assets is not a good decision to make, especially in financially tough times. You can avoid bankruptcy if you have the right knowledge and tools. You must look for a good service to help you achieve this. The best way to get out of money troubles is to use legally effective systems which allow you to avoid bankruptcy and resolve financial distress.
Now you know your options when it comes to bankruptcy. You will want to make the best decision for your personal finances with the best information available.
About the Author:
visit http://www.freedomfromcreditors.com and learn what the banks don't want you to know. Look beyond the typical bankruptcy or debt settlement. There are much more powerful, fair, legal solutions than filing bankruptcy.
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