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Bankruptcy-Is-A-Legal-Option-That-Individuals-And-4

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					Bankruptcy is a legal option that individuals
  and business operators run to whenever
  their debts seemed to pile very high and
that their current standing resources are not
  enough to cover for all the payment and
   make the company stay afloat. This is
definitely the surest thing to occur especially
 among entrepreneurs who are still starting
   with their business and whose starting
   capital was just loaned from a lending
company. So when does one declare it and
            how to file bankruptcy?
Bankruptcy is a process that gives debtors who can no longer pay
their debts due to limited monetary resource with two options:
elimination of their debts or creation of payment plan, which they will
have to pay their debts in parts or whole over a period It will
however appear on ones credit report for 10 years However not all
credits can be discharged once bankruptcy is filed for loans like
student loans, government loans, back taxes and other loans
can�t be emancipated Filing can be done individually though it is
advised that one seek help of a lawyer so that every step is taken
with proper guidance
 Here are steps taken for how to file bankruptcy: Start filing by
deciding first which bankruptcy option fits: chapter 7 or 13 Chapter 7
is also known as straight or liquidation bankruptcy while 13 is the
repayment plan for individuals Choose whether to have a lawyer or
not If you choose to have a lawyer work together with you, then
make sure that you directly have contact with him or her
 This is to ensure that you can go over and discuss your case
anytime Fees for filing vary and you should know those Refer
creditors to your lawyer�s office
 No creditors should be hanging around or contacting you in
whatever way once the �automatic stay� takes effect Violation
of which can result to charges against your creditors Wait and
attend meeting with creditors
 Your lawyer will send you updates on this After 60 days from the
first meeting that you with the creditors, you should expect a
notification of discharge else a lawsuit is filed before this day Should
there be no lawsuit, a discharge notification on a debt will be sent to
you and that will free you from any form of payment of that debt
That is it for If you would like more information, please take a
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Description: deciding first which bankruptcy option fits: chapter 7 or 13 Chapter 7