Bankruptcy

BANKRUPTCYS About 1,071,9320 bankruptcy cases were filed in US courts in 2013 alone. There are more than 38 million U.S. student loan borrowers, with more than 2$ $1.1trillion in outstanding debt. In mid-2013, 850,000 private student loans were in default, with an outstanding balance of approximately $8 lillion. D TYPES OF PERSONL BANKRUPTCY Chapter 7 Bankruptay All or some of your debt is discharged, after using your liquid assets to repay some of the debt HOW TO QUALIFY? You must pass e meens test proving that your income is less than he medien income fo your family siee in your tate. If you fail fhe meana teat, you will not be alowed to fe Chapter 7. Intead you can fle Chapter 13. Chapter 13 Bankuptey You repay all or part of your debt through a 3-5year repayment plan WHEN FILE CHAPTER 13? You might choose to file Chapter 13 instead of Chapter 7 you have secured debt, e a cer lean, that you want to continue paying or to keep certain liquid asseta. THE STEP BY STEP BY GUIDE TO FLING YOUR BANKRUPTCY Hire an Attorney tutde cotution wiha ngy cal yin your The stomey will sdve sporopriste ce f action uhar consideing your incoe hoetod ohy epeme. froncial hitory Educate | Yourself 24 3 Preparation and reviewing petition plan bankngky n you can Aher payment of hin loon. po atoy w pop When eveving yaur petion. e a o peal y pe w onet und Obtain Your Credit Counseling Certificate DYour Case is Filed Your banknpcy ory o por perton y bunrtcy Mec t cousng beeng rom an approved noe-profe.co co g ncy a ocea n peon, or cel The ng of your bankrupicy wil ao comence This in to evalanto your fnancial sitaton and venty ing ba y ou on collecice actions by yor oudos 6Complete the Debtor Education/Financial Management Briefing Canlete por oncand coling gcaled te Deti idationar Faancial anag ting The cune oeed wond mangng or peolrancer beknpty Attend Your "341 Meeting" Yeu qd ada ng wit y d t y Tanine and ktity under oto the scory of your tiled picn Al qud Tte mt be kendered ko te Tata by po or your aney ays piort 34 Metng Receive Your Discharge ONCE YOU HAVE RECEIVED YOUR DISCHARGE, ALL YOUR CREDITORS ARE PROHIBITED FROM EVER COLLECTING ON THE DEBT YOU ELIMINATED IN YOUR BANKRUPTCY. PRESENTED BY PREPARED BY moneytips SOURCES: http:www.uscouts.govluscourts/Statistics BankruptcyStaisics BankrustoVEBros 20130813 todt htp:/www.mondaq comiunitedstates 280120 nsolvency-Bankruptcy The Year-in-Bankruptcy-2013 htp uwwbankruptcyhg combenknupley-step-by-sep-barknuptey-process