So, You’re Thinking of Filing for Personal Bankruptcy

Written by admin on . Posted in Arbitration, Fiduciary responsibility, Thomas e. scott

Commercial cases

If you’re considering filing for personal bankruptcy, you are not alone. Last year, there was an average of 3,422 bankruptcies filed every single day, most of these due to unexpected and extremely high medical bills. Although beginning a bankruptcy case may result in the discharge of most of your outstanding debt, filing for bankruptcy is a decision that should not be made lightly. There are several bankruptcy issues you should be aware of before you begin the process. The main thing to know at the start is that there are two major ways to file for personal bankruptcy, each with advantages and disadvantages as follows:
Option 1: File Under Chapter 13.
By filing under Chapter 13 of the U.S. bankruptcy code, you are essentially using the courts to negotiate a reorganization of your ass