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Declaring bankruptcy isn't your only option. Read on to explore a few other choices that may provide better outcomes for your financial situation. Before You File for Bankruptcy, Consider These 3 ...
Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances. Use alternatives like debt consolidation and credit counseling before turning to bankruptcy.
Chapter 7: In a Chapter 7 bankruptcy filing, some of your assets are sold to pay back debt, meaning you could lose your home and personal property. A few months after filing, your remaining debt ...
Bankruptcy prevents a person's creditors from obtaining a judgment against them. With a judgment a creditor can attempt to garnish wages or seize certain types of property. . However, if a debtor has no wages (because they are unemployed or retired) and has no property, they are "judgment proof", meaning a judgment would have no impact on their financial situat
The most common type of bankruptcy, a chapter 7 filing involves liquidating — or selling — your assets to pay off your creditors and debts. Chapter 13 bankruptcy.
Bankruptcy should be used as a last resort, and some alternatives, like credit counseling, may be necessary before you can file. You may also want to look into professional debt relief options ...
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