Main Types Of Bankruptcy

Bankruptcy is a way out of financial difficulties, and that's what you do when you can no longer afford to pay existing debt.

Note that there are many types of bankruptcy, but the most common form of bankruptcy filed for Chapter 7 and Chapter 13.

Chapter 7 is most common in humans. This is the complete removal of dolga.Dolzhnik qualifying exempt from the obligation to pay. Note that Chapter 7 bankruptcy is very serious and not taken seriously.

And give you a fresh start in the immediate improvement of your finances, such as your credit report for 10 years. You will always be at high risk should be considered and accounted for as a person who is financially irresponsible.

Chapter 13 is less harmful to your credit. Although there are signs to you, and you will be working to pay off their debt in your repayment plan is financially irresponsible, but continually strive for a low credit risk. In Chapter 13 you can save your home and do not start selling assets to pay creditors, as in Chapter 7


In 2005 the law is the law that now makes it harder for people to adopt a chapter 7 bankruptcy. You know what to do before submitting credit counseling, and after the presentation of financial advice, you can get back on track.

It is important that you consider all parts of Chapter 7 and Chapter 13 bankruptcy. You must decide who will benefit from them more of a pain. You want to make sure that you apply for bankruptcy, the solution of some of their financial problems.