Are There Benefits to Filing for Bankruptcy?

Download Are There Benefits to Filing for Bankruptcy?

Post on 26-Mar-2016

218 views

Category:

Documents

3 download

Embed Size (px)

DESCRIPTION

Thinking of filing for bankruptcy but afraid that you are going to make a mistake? Before making a final decision, here is an article that will enumerate the benefits to filing for bankruptcy.

TRANSCRIPT

<ul><li><p>AreThereBenefitstoFilingforBankruptcy?</p><p>Manypeoplewouldprobablycringeatthemerethoughtofhavingtofilefor</p><p>bankruptcy.Butinreality,manyareforcedtoseekoutbankruptcyasitistheonlyviable</p><p>solutiontotheirdebtproblem.Whilenobodywantstohaveabankruptcycreditreport,in</p><p>certaincircumstances,itcanactuallybebeneficialnotonlyfortheborrowerbutforthe</p><p>borrowersfamilyaswell.</p><p>Belowisalistofthepossiblebenefitsoffilingforbankruptcy:</p><p>Thechancetobefreefromdebts.AChapter13Bankruptcywilldischargeyoufromallyour</p><p>obligationstoyourcreditors.However,itisworthnotingthatnotalltypesofdebtscanbe</p><p>dischargedbybankruptcysuchasstudentloans,liens,familysupport,tonameafew.</p><p>ThecourtshallbetheonetodecidewhetheryouwillbeeligibleforaChapter13Bankruptcy</p><p>basedupontheresultofyourIncomeMeansTest.Ifyoufailtest,thecourtmayruleaChapter</p><p>7Bankruptcywhichwillputyouunderafiveyearrepaymentplan.</p><p>ReadmoreaboutAreThereBenefitstoFilingforBankruptcy?</p></li></ul>