Bankruptcy for Beginners
Bankruptcy is a scary thought for many people. But despite the stereotypes you hear, most people know very little about how bankruptcy really works. Bankruptcy is not an opportunity for you to give your creditors the bird and walk away from your “mess.” But bankruptcy is also not move that will force you to give up everything you own and leave you with ruinous credit. The reality is somewhere in the middle of these extremes. Declaring bankruptcy can eliminate not all types of debt. In fact, in certain bankruptcy cases, the individual ends up paying most or all of what they owe (in a restructured, manageable payment plan). Most of the time, individuals that file for bankruptcy are able to keep all of their property. And while your credit score will certainly take a hit, most people are eligible for many types of loans within 2-3 years of filing.
Types of Bankruptcy
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