BANKRUPTCY

Consumers often find themselves to far in debt leaving them no option but to become delinquent with some of their unsecured debt to pay off more important debt such as home mortgage or car loans. According to cardweb.com “the second quarter of 2001 the percentage of delinquent credit card payments rose to 5 percent from 4.3 percent. Card write-offs increased to 6.4 percent from 5.6 percent. Until this year, both numbers were declining.” In the end result consumers find no other option but to file for bankruptcy.

Unfortunately, declaring bankruptcy can cause credit problems for 7- 10 years and will affect your credit worthiness. No matter how good you’re doing after Bankruptcy. Every time you apply for a personal loan or credit card you will either be DENIED or subjected to HIGHER THAN USUAL INTEREST RATES.

There are two types of Personal Bankruptcy:

Chapter 7:
Chapter 13:

Chapter 7 Bankruptcy is when you are asking the courts to discharge all your debts. In exchange “YOU GIVE UP YOUR PERSONAL PROPERTY”. Including items that are already paid off. There are some debts that CANNOT be discharged. (This varies from state to state)

Chapter 13 Bankruptcy allows you to set up a court approved plan to repay your debt, usually over a 3-5 year period. Under this type of bankruptcy you keep your property and your creditor “TYPICALLY” accepts less than the full amount.

HomeOwners: Click Here If you would like to find out your options to Consolidate your debt and receive up to 4 FREE quotes!

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