Along with the increase in the number of individuals seeking debt relief, there has also been an increase in the number of solution providers making a variety of deceptive claims. The victims of the credit card tirade who are credulous must be informed of the genuine means of escape. Keep an eye out for cons. Most part-time advisors are likely to steer you toward fraud. Prior to making a decision in such a perplexing circumstance, the most essential factor is the amount of accurate and reliable information you possess.
Bankruptcy and Debt Settlements have become the most popular options for debt relief. Before taking a call, you must verify your facts. Here are a few fundamental concerns about bankruptcy that you should ask yourself before deciding on debt relief.
What is the definition of bankruptcy? It is a federally mandated procedure designed to provide protection to US citizens seeking debt relief.
What kind of protection does bankruptcy afford me? The first type of protection bankruptcy provides is for your current assets, and the second is for your future earnings.
I have so much debt that I will lose my residence. Will filing for bankruptcy save my home? Numerous state statutes provide homestead protection, which may be unlimited or subject to a cap. Only if your state provides no homestead protection will you lose your residence.
Should I file Chapter 7 or Chapter 13? Chapter 7 bankruptcy is straightforward. This will be permitted if your current assets are so poor that you are unable to repay the debt in any way. In 3 to 5 years, Chapter 13 will block a portion of your future earnings, if you have any, to pay off your debt.
What will become of my credit? It will take eight to ten years to restore your credit rating.""
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