PERSONAL BANKRUPTCY

Personal Bankruptcy Chapter 7 and Chapter 13 are the two main chapters under which individuals can file personal bankruptcy. Chapter 7 Bankruptcy is a liquidation of assets while Chapter 13 Bankruptcy is a reorganization where the debtor creates a three to five year payment plan.

The primary reasons for filing personal bankruptcy are unforeseen medical expenses, excessive credit card debt, loss of employment, foreclosure, and divorce. Needless to say many of these events create not only financial difficulty but also a tremendous amount of disruption and distress in and of themselves. This makes it especially important that individuals consider all available options and bankruptcy alternatives to make sure whatever action they settle upon is in their long term interest.

If you determine that personal bankruptcy is the best option available, then you should learn more about the federal bankruptcy law and the options that are available to you. Bankruptcy is a very important decision that can have ramifications for the remainder of your life. The law and how it applies to your particular situation can be very complicated. It is generally recommend that one consult with an attorney with experience in the personal bankruptcy field. Completing bankruptcy forms on your own but can be very confusing. With the help of experienced Bankruptcy Attorneys at Hagen and Hagen, you'll have the confidence to undertake this difficult decision.