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Also known as “straight bankruptcy,” this is the most common type of bankruptcy for individuals. It involves the liquidation of assets to pay off debts. The debtor’s non-exempt assets are sold, and the proceeds are distributed to creditors. The remaining debts are discharged, and the debtor is released from personal liability for those debts.
Bankruptcy can have several negative consequences, including:
It’s important to carefully consider the potential consequences before deciding to file for bankruptcy. Bankruptcy should be considered as a last resort when other options for managing debt have been exhausted.
The frequency with which you can file for bankruptcy and the duration of its impact on your credit report depend on the type of bankruptcy you file:
It’s important to note that even though bankruptcy will remain on your credit report for a certain period of time, the negative impact on your credit score may lessen over time, especially if you take steps to rebuild your credit. Additionally, some lenders and creditors may be willing to extend credit to those who have filed for bankruptcy if they can demonstrate responsible financial behavior over time.
To discover whether bankruptcy is right for you, or how to avoid it, contact Better Debt Solutions today to learn about all of your options.
The cost of a Chapter 13 bankruptcy is usually less than a Chapter 11 bankruptcy, but it can still be costly. Attorney fees for a Chapter 13 bankruptcy can range from $2,000 to $5,000, and there are court filing fees and credit counseling fees as well.
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