Bankruptcy-Can-Be-The-Beginning-To-A-New-Life-Of-F22 by Coury1951694


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									Bankruptcy can be the beginning to a new life of
 financial security. Anyone facing overwhelming
debt can regain peace of mind by learning how to
    declare bankruptcy in four easy steps. This
 process is fast, fairly inexpensive and produces
many pleasant surprises. For example, there are
 automobile dealers willing to give an auto loan
     after bankruptcy to people with income.

Chapter 13 Bankruptcy
How to Declare Bankruptcy There are only four steps to filing bankruptcy A
person simply goes through a qualification process to see if he or she is
eligible to file a Chapter 7 or must file a Chapter 13 Next, the right paperwork
is completed Finally, the filer goes to the US Bankruptcy Court in their
jurisdiction, files the documents and pays the filing fee Currently, the filing
costs are $306 for a Chapter 7 and $1046 for Chapter 13 Because this is a
complex procedure, most individuals hire an attorney to guide them
 Some attorneys specializing in the BK process offer flat, affordable fees to
their clients An attorney will prepare the paperwork and file the signed
documents with the right court After the bankruptcy has been filed, the debtor
must attend a creditors meeting and take a credit counseling class Most
procedures are finalized in just 90 to 180 days A judge will review the final
paperwork and sign the petition Under a Chapter 7, all or almost all of the debt
is eliminated
 People going through a Chapter 13 will repay most or all of the money owed
over three to five years Affordable payments are made to the bankruptcy
trustee who pays the bills Auto Loan after Bankruptcy Contrary to popular
belief, some automobile dealers actually offer people who have declared
bankruptcy loans on cars and trucks These forward thinking businesses know
the people who successfully completed a Chapter 7 have little or no debt
These individuals who have income qualify for the loan In addition, that
person cannot file another BK for 8 years
 Finally, the dealers presenting this program have little competition If the
consumer does not want to take advantage of these offers, the car shopper
has three other ways to finance a vehicle These are to find a cosigner, find an
auto sales lot that collects the payments or join a liberal credit union that will
approve a loan There are advantages and disadvantages to all of these
options The advantage is the shopper gets a vehicle The cosigner is also on
 An auto sales lot collecting payments may not have the vehicle the buyer
wants and may charge Chapter 13 Bankruptcy more for the auto and interest
Credit unions may require a year or two of good payment history before
authorizing a low interest loan There is no reason to fear this legal process
designed to help people in debt create a manageable future Taking the four
steps listed in how to declare bankruptcy allows consumers to take charge of
their lives Surprisingly, some dealerships even solicit business by offering an
auto loan after bankruptcy
Chapter 13 Bankruptcy

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