Anyone explain me the procedures of bankruptcy?

Discussion in 'Credit Talk' started by barneslinda, Dec 21, 2017.

  1. barneslinda

    barneslinda New Member

    Hey folks, I would like to know about bankruptcy. I have tried collecting information, but need your valuable opinions too on the same. I have found some factors to be considered when deciding if you should declare bankruptcy.

    Bankruptcy is implied for those people where subsequent to paying for their essential typical cost for basic items, there is no cash left to pay down or put towards your obligation. On the off chance that this depicts your circumstance defaulting on some loans can give you a fresh financial start.

    Bankruptcy gives these favorable circumstances:

    Legitimate security from your loan bosses (no judgments, wage garnishments).
    Disposes of most unsecured obligations (ie. Charge cards, credits and so on).
    Will more often than not be without obligation in a 9 – 21-month time span for a first bankruptcy.
    The cost is generally modest, specifically when contrasted with the cost of the obligation.

    I need to know more details, if there are some cons, let me know. Also, suggest some bankruptcy trustees in Brampton to help with the bankruptcy process. I came across some of them, but I have confusions regarding choosing the right one. I would like to know your opinions. Thank you.
     
  2. MaryRose10

    MaryRose10 New Member

    If you are drowning in debt and have no other options, then filing for bankruptcy could be an option.
    A bankruptcy gives a chance to eliminate a significant portion of your debt; depending on what type of program you're applying.

    Chapter 7 allows to completely discharge all debt with some exceptions (like student loan etc.)
    Chapter 13 allows to create a repayment plan to pay debts over 3-5 year period of time.

    To get more information about each type, I'd recommend checking out this post:
    http://www.magnifymoney.com/blog/pay-down-my-debt/debt-guide-file-bankruptcy/

    In any case, bankruptcy will leave a mark on your credit report for up to 10 years. You may have a hard time applying for any new credit.

    For some tips how to keep control over your debt, so that it doesn't come to bankruptcy, please read this thread:

    https://effectify.com/blog/get-out-of-debt/get-debt-ultimate-toolbox/
     

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