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The very sound of the word bankruptcy can send a shock-wave through the financially savvy mind. Despite the negative connotation, filing bankruptcy can be a lifesaver for those already struggling with financial chaos. As laws and practices have changed over time, there can actually be several benefits to filing for a reprieve from your debt. Every pro has its con, and we are going to give you an overview of the bankruptcy process.
How Bad Is It?
Much of the fear in potential recipients of a bankruptcy settlement is hinged on the unknown. Everyone understands that a significant result of filing is an almost lethal hit on your credit report, but this shouldn’t be something that keeps you from a better financial future. There many resources that can show you how to improve your credit score after such a decision, so there is no need to assume that the worst has no potential for improvement.
How Can You Qualify?
Before you actually file for bankruptcy, you need to know the differences between the two primary filing types that private individuals pursue. These are Chapter 7 and Chapter 13.
1. Chapter 7 filing
In this case, liquidation usually occurs. The proceedings will discharge (or release) most the unsecured debt you have. This included credit cards and personal loans. For you to file according to this type, you will have to pass the “means test.” You will be required to have a certain amount of income, and the judge may require you to sell any non-exempt asses. This filing process can take between three and four months.
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