Comments on: Bankruptcy Basics – 10 Things You Need To Know About Bankruptcy http://birminghambankruptcyblog.com/133/bankruptcy-basics-10-bankruptcy/ Bankruptcy News & Information from Birmingham, Alabama Bankruptcy Lawyer, Matt Dunaway Wed, 02 Mar 2011 06:26:27 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Charlie Tate http://birminghambankruptcyblog.com/133/bankruptcy-basics-10-bankruptcy/comment-page-1/#comment-84 Charlie Tate Tue, 25 Jan 2011 02:07:19 +0000 http://birminghambankruptcyblog.com/?p=133#comment-84 One of the most frightening and overwhelming things that can happen to you in your lifetime will be to face the prospect of bankruptcy. While it is in fact a diffictul thing to face, bankruptcy is not the end of the world. You can work through it. In fact, in many cases you can keep your home. In all cases you are able to keep your business tools and your personal property. Chapter 13 bankruptcy is made for those people who have a steady source of income. This is known as the wage earning plan. Selecting to file Chapter 13 or Chapter 7 is a personal choice. Each one will have some types of fees involved in the filing, and each will require that you give up something. In the case of Chapter 13, you may keep your home and you will begin to pay off the debts that you owe over time. It's very much like a discharge of debt, but you repay some, while your interests rates and other penalties may be discharged. In Chapter 7, you are limited as to what you may keep, you will only be able to use this one time per every six years,( most people won't need this more often hopefully) and you will lose your home. In any type of bankruptcy, it is a legal proceeding and you are advised to have a legal advocate who will be able to offer you advice and assistance as you navigate the maze of the court system. Any time that you are considering bankruptcy, seek out assistance from a qualified legal advocate. One of the most frightening and overwhelming things that can happen to you in your lifetime will be to face the prospect of bankruptcy. While it is in fact a diffictul thing to face, bankruptcy is not the end of the world. You can work through it. In fact, in many cases you can keep your home.

In all cases you are able to keep your business tools and your personal property.

Chapter 13 bankruptcy is made for those people who have a steady source of income. This is known as the wage earning plan. Selecting to file Chapter 13 or Chapter 7 is a personal choice. Each one will have some types of fees involved in the filing, and each will require that you give up something. In the case of Chapter 13, you may keep your home and you will begin to pay off the debts that you owe over time. It’s very much like a discharge of debt, but you repay some, while your interests rates and other penalties may be discharged.

In Chapter 7, you are limited as to what you may keep, you will only be able to use this one time per every six years,( most people won’t need this more often hopefully) and you will lose your home.

In any type of bankruptcy, it is a legal proceeding and you are advised to have a legal advocate who will be able to offer you advice and assistance as you navigate the maze of the court system. Any time that you are considering bankruptcy, seek out assistance from a qualified legal advocate.

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