subject: The cloud of Debt [print this page] The cloud of Debt The cloud of Debt
We have seen and heard that our economy is struggling. The news is sure to remind us that things arent going well, and they tend to over dramatize most of the time. However, many people are being laid off and businesses are closing due to some force in the economy that is working as a dark cloud over society. By not having a job, people are unable to pay their bills, debt increases and bankruptcy becomes more and more of an option. Bankruptcy becomes a fact of life for many people today, and because it seems to be so common, no one should be embarrassed for having to file for it. A lot of people are losing their homes and bankruptcy is a possible option to keep the one you have.
Bankruptcy is a term given to represent the process of an individual or business who cannot pay their debts due to some form of impairment of lack of funds. There are several different types of bankruptcy, and your particular situation will determine which one is the type you should file. These different types of bankruptcy are labeled as chapters. There is also an involuntary bankruptcy that can be filed by a creditor in order for them to get back some of the money they are owed from the debtor.
There are six types of bankruptcy, but three of them are most commonly filed. There is chapter seven, nine, eleven, twelve, thirteen and fifteen. The most common of these that are filed by individuals is chapter seven and thirteen; chapter eleven is a second common type for businesses to file. When chapter seven bankruptcy is filed, a person or business gives up their property to the creditor who then sells off the property and uses the money to pay off the debtors money they owe. The debtor is then given a reprieve on some of the money that is owed unless they are found to have committed some form of fraud in their filing of bankruptcy.
For more info search Bankruptcy Attorney Phoenix or www.az-bankruptcy.net
welcome to Insurances.net (https://www.insurances.net)
