If you are under a terrible debt condition in Warren, you must be aware of the fact that declaring yourself as bankrupt is one of the most legalized ways of getting help. Well, there are different chapters under bankruptcy, and in order to file a case, you need to know the chapter for which you are suitable. On the basis of that, you will be able to make your filing. There are many people that make lots of efforts to get relief from such a situation, because declaring bankrupt is not as easy as it might sound. There are few things that you definitely need to know and follow strictly in this case.
Chapter 7
This is a chapter that helps you with the option of liquidation. When you file with this chapter, you can be assured that you will be able to keep the exempted assets. In addition to that, you can also be assured of the fact that your unsecured debts will be discharged from the credit cards. This is a good alternative for people with lower income and few assets along with higher debts. Therefore, if you think that you fall under the same situation, you can also make use of this chapter to file your case.
Chapter 13
This is a chapter which demands that you will have to repay your loan within a period of three to five years. You will have to follow a fixed and logical repayment plan, and on the basis of this plan, you will have to make your move. The payments will be collected from you by the trustee, and accordingly, these will be transferred to the creditors. Even in this case, you will be given the permission to keep your home and your assets from the process of foreclosure.
Selecting The Right Chapter
As there are two different chapters in the bankruptcy that you can file in Warren, make sure that you select the right chapter, so that you do not have any difficulty in clearing off your debts in the stipulated time period. In fact, if you think that you are not being able to make the right selection of the chapter in accordance to your requirements, the best thing that you can do is to seek the assistance of a lawyer. Once you hire legal assistance, you can expect to get constant help throughout the process, and consequently you will be benefitted to a great extent like never before.
Restoring Your Financial Health
After a situation of debt condition, by filing a case under any of the chapters in Warren, you need to ensure that your debts are clear. Once the case of bankruptcy is dismissed against you, it is natural that you will have to restore your financial health under any condition. Therefore, under the new law, you can get a loan by means of which you can restore your financial condition, and make yourself stable. You should also ensure that you are never in such a situation in the future.
