A bankruptcy filing is a legal process that allows you to have certain debt cancellations by a court order. This means that you do not owe money from private accounts. It is as if debts never existed.
There are two types of bankruptcy
Normally there are only two types of bankruptcy. Chapter 7 and Chapter 13. If the amount of the debt is so disproportionate in relation to your current and anticipated income, you may want to consult with a lawyer to help you understand your legal options so you can determine. If bankruptcy is a viable option for you.
While making your decision, you should be aware that there are some disadvantages when applying for bankruptcy:
• Personal bankruptcy is maintained on your credit report for 10 years.
• Sometimes bankruptcy information can be provided by the rest, such as when you try to apply for a mortgage or other types of loans for more than $ 50,000.
• Often bankruptcy is not looked upon by potential lenders and creditors. The concern may persist about your ability and willingness to pay your loan totals regularly.
An Alternative to Bankruptcy
Joining a debt management program can be an effective alternative. Here at DebtBankruptcy Helpers, we can help you.
DBH is a non-profit organization designed to serve consumers like you who are in debt and would like to avoid bankruptcy. When you join the DBH program, you will get low-interest rates, lower monthly payments, and a functional financial plan to help you be debt-free. DBH is licensed in different states of the country. We are registered in the BSI and accredited by ISO.
DBH is committed to helping you help yourself. Most of our clients can avoid the sting of bankruptcy and enjoy a debt-free life.
Need help? Contact us now!