Rules of procedure of bankruptcy ...

Which type of bankruptcy that you choose, it will take up on your credit for up to 10 years that would be denied a loan to buy things like a house or car, or you pay one. Interest rates much higher. ... .Here are all the alternatives before bankruptcy, such as bill consolidation with a consulting firm or debt restructuring. ... .type two bankruptcies have decided once bankruptcy, there are two types, must explore. ... .If you file a Chapter 7 bankruptcy, the majority of your debt will be deleted after 3 months, but showing your credit reports, what you've done for 10 years. ... .In addition, a few exceptions based on state law, you are asked, if your property and proceeds to sell your loan is the satisfaction of your debts. ... .You could for Chapter 13 bankruptcy, a repayment plan allows file. ... .Under Chapter 13 bankruptcy, you will agree to pay your creditors within 5 years. ... .They are not from your assets and Chapter 13 remains on your credit report, only 7 have years.Exempted PropertyCertain property is exempt in some states. ... .For example, Florida and Texas, you can free home, what their value, while in most other countries only a part of your capital to hold. ... .Federal law, if you have a 401k plan, IRA, or you receive benefits, they are from bankruptcy.Choosing between chapters 7 and 13If you have some assets and freed. No money to pay your creditors if you want to cover up .. .monthly expenditure, Chapter 7 is probably the choice that you should do, because you start with a clean slate, because that will be freed most of your debts .. ... .However, if you are currently behind on payments to your creditors, because these things as a medical problem or loss of employment, filing Chapter 13 permits fell sense.Means test before laws change to 17 .October 2005, the. Choice of bankruptcy has been you. ... .Since then, you must meet the "means test .." Under this plan, you can file Chapter 7 if your income is below the median for your state. ... .If it exceeds it, and you can afford to pay your creditors at least $ 100 per month, you will probably file Chapter 13.Additional requirementsThe new laws require you to have credit counseling before applying for bankruptcy. ... .Make sure to exit from bankruptcy court, you have to follow a course in personal financial management, as if the traffic school after receiving a ticket. ... .It can be either online, by phone or in person ....