Is Bankruptcy For You? 

 Chapter 7 or Chapter 13 bankruptcy options ...

From: Kate Rieger, President
Second Opinion Solutions Group, LLC
Corydon, Southern Indiana
Monday 06:25pm

Kate Rieger  Understanding BK Options

Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt.  Exempt property may include cars,
work-related tools and basic household
furnishings.  Some property may be sold by a court-appointed official-a trustee-or turned over to creditors.

Bankruptcies may get rid of unsecured
debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. All types or bankruptcies allow for exemptions that allow you to keep certain assets, although exemption amounts vary.

Chapter 7 usually does not erase child support,
alimony, fines, taxes, and some student loan obligations.
Also, unless you have an acceptable plan to catch up on your
debt under Chapter 13, you usually aren't allowed to
to keep property when your creditor has an unpaid mortgage or lien on it. Its the law.

A Chapter 13 filing may be the preferred method for consumers with assets they don’t want to lose, and willing to retire as much of their debts as possible, but under a less-pressured structure.   Some debt balances may be partially discharged, and the filer agrees to a monthly payment to the trustee for distribution to the remaining creditors.

All bankruptcies place a black X on your credit record, but Chapter 13 filings may be perceived as slightly less serious than
paying your debts.

If you have a regular income and limited debt, you are allowed to keep property, such as a mortgaged house or car, that you otherwise might lose. In Chapter 13, the court approves a repayment plan that allows you to pay off a default during a period of three to five years, rather than surrender any property.

Chapter 11 is a reorganization bankruptcy, usually involving a corporation or partnership. A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.

Here is some additional information on bankruptcy and what you have to do during the process.  More on how the bankruptcy law has changed in the past few years.  If you want to talk with me about using my attorney team, please complete the form here.

Well, the title is a bit long, but the course has 7 concise lessons that you can refer back to at any time. To start this free, online mini-course, please complete the short form below and you can start immediately -

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What others are saying...

Hi Kate,

I do want to thank you so much for your quick and thorough responses to my questions. I am amazed at the amount of information you manage to deliver. Your  program is terrific.

You give an awful lot of personal attention that can never come from a computer program.

Thanks for everything - I mean it!

Melissa

Louisville, KY

Dear Ms Rieger,

God Bless You!

You treated me like I was someone important.  I thank you for that and for showing me how to improve my FICO scores. You are truly amazing!

Sincerely,
 

Roberta D.

Jeffersonville, IN  

Credit Rejuvenations Rocks!

Dave