Can You Keep Land That Is Financed When Filing Bankruptcy The Last Debt Solution Should Be Bankruptcy

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The Last Debt Solution Should Be Bankruptcy

A debt solution like bankruptcy should only be used as a last resort. The problem with this debt problem solution is that it involves a lot more than just eliminating debt. When someone files for bankruptcy, all debt collection actions against that person are barred. The court grants an “automatic stay,” which, with some exceptions, means creditors can’t come after the money they’re owed.

The most important exception is that when a loan is secured by property, creditors can apply for stay relief and seize that property. The other exceptions are student loan debt, alimony, child support, and taxes. The back side of the person seeking this solution to eliminate their debt is that they must surrender all non-exempt assets. This property is then sold and the proceeds are distributed among the creditors.

There are two types of this solution to your debt problems:.

Chapter 7

which states that a person is obliged to surrender a large part of his assets, but creditors cannot ask for compensation for more income.

Chapter 13

it allows a person to keep most of their income, but they have to make a plan to repay the debt to creditors based on their future income. Under this plan, the court can require people to live within a very strict budget.

As you can see, there are downsides to both debt elimination plans. One of the biggest drawbacks is that both debt relief plans will significantly affect a person’s credit rating. For this reason, declaring bankruptcy is a solution to your debt problems that should be evaluated very thoroughly and

carefully Other debt solutions, such as debt negotiation, debt counseling and debt consolidation, should be considered first.

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