Free Yourself of Dent by Filing Chapter 13 Bankruptcy

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Free Yourself of Dent by Filing Chapter 13 Bankruptcy

Filing bankruptcy is the last option one can resort to if one wants to get rid of debt that is crippling his lifestyle. Bankruptcy will definitely lead to a big scar on ones credit score but it can at least help people get rid of debt and get back life on track. Free bankruptcy services is provided in the form of bankruptcy counseling where an individual analyzes his financial status with the help of the bankruptcy counseling experts and a stand is clarified as to whether the person will be able to pay off the debts by taking the help of debt management plans or he has no other option but to file bankruptcy.

Bankruptcy counseling also clarifies whether the individual should file chapter 13 bankruptcy or file chapter 7 bankruptcy. Once it is decided whether the individual can file chapter 13 bankruptcy or chapter 7 bankruptcy. If the person has to file chapter 7 bankruptcy then prior to that he will be asked to take a means test which will decide his debt-income-ratio and based on that it will be decided whether he is eligible for filing chapter 7 bankruptcy. Chapter 7 bankruptcy is filed by the debtor when the person has no source of income from which he can pay off the debt and has to resort to chapter 7 bankruptcy which liquidates all his non-exempt assets to pay off the creditors.

Filing chapter 13 bankruptcy requires an individual to take the help of a bankruptcy attorney who will guide the person right from filing bankruptcy petition up to representing him in the bankruptcy court till his debt gets discharged. Chapter 13 bankruptcy enables an individual to chalk out a plan of repaying his debt at a lower rate of interest gradually as he has a stable source of income and can afford to pay back his debt in agreed installments.

With the economic downturn many people were affected and as time went the situation got worse leaving no option for them but to either file chapter 13 bankruptcy or chapter 7 bankruptcy. Filing chapter 13 bankruptcy or filing chapter 7 bankruptcy will not only help one eliminate debt from ones life but will also help people start a new life altogether free of financial restrictions and worries.

Going ahead with filing bankruptcy petition without the help of a bankruptcy attorney is not the best idea as a bankruptcy process is complex and tedious and involves legal aspects which will not be known to a layman. Hence, bankruptcy attorneys will help one understand the entire process and also guide you with the application which needs to be filled up accurately and with a lot of care and attention if ones wishes to receive approval on the bankruptcy petition.

Even though filing bankruptcy does not mean that all your troubles will be taken care of yet it is an assurance that some time in the future one will get rid of ones debt completely and start afresh. Free bankruptcy services like bankruptcy counseling does help in clarifying whether filing chapter 13 bankruptcy is better for the individual or filing chapter 7 bankruptcy is the only option. A bankruptcy attorney is the best way to get guidance on various matters related to filing bankruptcy including representing your case in the bankruptcy court from the start to the finish.

Molly Peterson is a regular writer on bankruptcyonly.com, a US based portal, which provides detailed information on Personal bankruptcy information and Bankruptcy Petition Preparer and other related issues.
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