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Increasing The Difficulty Of Filing Bankruptcy For Those With Numerous Assets

Increasing The Difficulty Of Filing Bankruptcy For Those With Numerous Assets
"""The decision to declare bankruptcy is a challenging one. Ironically, it is more difficult for someone with a large amount of assets than for someone with few or no assets.

This is due to the fact that if you have few assets that can be liquidated to repay a creditor, you face almost no risk. On the plus side, it is possible to have all of your debts discharged. In addition, you are not required to sell any assets because you have none.

Assume, however, that you have multiple assets, such as multiple homes, a valuable coin or stamp collection, or a large number of classic vehicles. If you file for bankruptcy in either of these instances, you stand a high chance of losing them as they are sold to repay your creditors.

If you have a significant number of assets at risk, you should never file for bankruptcy before consulting with a bankruptcy attorney and receiving his advice on how to proceed. Because the timing of your bankruptcy filing could have a significant impact on the value of the assets you wind up with.

Chapter 7 bankruptcy is typically the type of bankruptcy you will endeavor to file. This is because, compared to the average individual, this option is the best for you. Chapter 7 enables you to have the majority of your debts discharged and provides you with the opportunity to restart your financial life. Alternatively, if you are forced to file under Chapter 13, you will be placed on a payment plan. Your debts may be reduced, but they will likely not be eliminated. In the recent past, however, Chapter 7 bankruptcy filings were relatively simple to obtain. Since the bankruptcy laws have been revised at the behest of the credit card industry, there have been fewer filings of this nature.

In order to qualify for the more advantageous Chapter 7 bankruptcy, certain state and federal income thresholds must not be exceeded. If you exceed these thresholds, you must instead file for Chapter 13 bankruptcy.

Timing comes into play when you have a sufficient quantity of income coming in at the moment, but you know that this income will disappear within a few months. Then your best option would be to defer filing for bankruptcy until your income falls below the Chapter 7 requirements.""

" - https://www.affordablecebu.com/

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"Increasing The Difficulty Of Filing Bankruptcy For Those With Numerous Assets" was written by Mary under the Finance / Wealth category. It has been read 260 times and generated 1 comments. The article was created on and updated on 01 June 2023.
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