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Bankruptcy Information

Due to new bankruptcy laws that will go into effect prior to the end of this year, many consumers are seeking bankruptcy information to protect their assets. Individuals who are interested in filing bankruptcy have two options. They may either file a chapter 7 or a chapter 13 bankruptcy. Both options will help those who are undergoing financial hardships; however consumers must meet certain requirements before they can file.

An attorney that handles bankruptcy cases should be consulted for bankruptcy information. These attorneys are able to assess the best option. There is a difference between chapter 7 and chapter 13 bankruptcies. Individuals who file a chapter 7 will likely have all their unsecured debts discharged. In other words, they are never obligated to repay this money. However, a chapter 7 does not discharge secured debts such as a car loan or mortgage, thus those filing must repay these debts or relinquish their property.

Attorneys will also provide chapter 13 bankruptcy information. Individuals who file a chapter 13 are obligated to repay a portion of their existing debt. Through the bankruptcy they will be placed on a payment plan. In most cases, those who file a chapter 13 repay debts within 3 to 5 years. Personal Bankruptcy Canada provides answers to personal bankruptcy questions.

Many people assume that filing bankruptcy is an easy solution to their credit and financial problems. However, filing does not guarantee that a bankruptcy will be granted. Those filing are required to attend a meeting with creditors before a judge. The judge is the ultimate decision maker in whether an individual's debts will be discharged. If a judge suspects that a person deliberately acquired many debts with the sole intent of file bankruptcy, he or she may deny a bankruptcy.

It is essential that those contemplating filing a chapter 7 or chapter 13 have a complete understanding of important bankruptcy information. For example, a bankruptcy will remain on a credit report for ten years. In addition, those who file a bankruptcy will experience higher interest rates on car and home loans.

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