Exploring Bankruptcy Proceedings In Detail

Hi there, I am Aiden Muzzel. I am well versed in bankruptcy proceedings, so I would like to share my knowledge with you through my site. I started my adult years with minimal knowledge of money management. As a result, I ended up way over my head in debt. I was working two jobs and paying all of my income to the debt accounts without making a dent in the total. It turns out I was simply paying late fees and interest with my funds. I sought out legal representation to learn more about how bankruptcy could help me end the cycle and start over. My bankruptcy attorney helped me fill out paperwork, file documents and attend court proceedings. Within a year, the judge discharged the eligible debt accounts. I hope to explore bankruptcy in more detail on my website. I hope you come back soon to learn more.

Settling Your Debts To Move Forward Financially

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It's a hard decision to make when you are facing a potential bankruptcy. Whether you have lost your job and haven't been able to keep up with bills, or you are going through a terrible divorce and don't have many options, filing for bankruptcy has both benefits and drawbacks. Not all of your debt can be written off in a bankruptcy. If you owe back taxes, student loan debt or child support, you won't be able to erase this debt. If you are working hard but you can't seem to get your finances under control, it's time to learn more about what you can do to get your financial life back under control.

Structured Debt Repayment

When you file a chapter 13 bankruptcy, you will work out a debt repayment plan with your creditors. This type of bankruptcy can protect some of your assets while putting a stay on any collection activities. If you are working, this is a great way to get out from under a mountain of debt without having to deal with constant calls from creditors. You create a repayment plan and your creditors agree to the plan in court. As long as you follow the plan, your debt will be paid off and you'll end the agreement out of debt.

Credit Card Debt

If you have credit card debt that you can't pay, this can be liquidated in most cases. Credit card debt is unsecured debt, and this means you can have the debt erased by filing for bankruptcy. Your bankruptcy filing can be a combination of chapter 13 for your secured debt and chapter 7 for unsecured debt. You may be able to negotiate your unsecured debt down low enough without completely erasing it. When it comes to your credit score, it may be worth it to negotiate removing negative reports on your credit report if possible.

No matter where you are in life, it's important to have a sound credit record. Whether you are new to working or you have a mountain of debt from a divorce, you can get your life back under financial control. Take small steps each day to get your debt under control. Pay debts that you can and negotiate any unsecured debt that you may have. Talk with a bankruptcy attorney about the different types of bankruptcy you can file to see what would work for you and your financial situation.

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2 January 2019