Should You File Bankruptcy?
Monday, June 26th, 2006
There are several factors regarding personal bankruptcy that you need to consider before you can make an informed decision regarding whether or not filing bankruptcy is the right course for you to take. By going through this basic bankruptcy information you will hopefully gain a better understanding for the general idea of bankruptcy filing in the United States and how filing bankruptcy could affect your personal situation. If you feel that you need more information, or bankruptcy help, you should not hesitate to contact a professional that can help you with your specific financial situation.
The most common type of bankruptcy for individuals is Chapter 7 bankruptcy. In 2003, there were more than 1 million filings for personal bankruptcy under Chapter 7 of the U.S. Bankruptcy code. This can for instance be compare to the 468,562 filings for personal bankruptcy under Chapter 11 during that same year.
When a company files for bankruptcy, all its assets are sold and used to pay off the creditors. When you file for personal bankruptcy you will however be allowed to keep certain exempt property. All your other assets will be sold by an interim trustee appointed by the United States Trustee. Several types of liens… Read the Article
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