Habib& Zalewski p.c. from there queens offices bring you an interesting guidline for filing Chapter 7 or Chapter 13 Bankruptcy
The new filing system has made much difficult to get approval for chapter 7 or chapter 13 bankruptcy. But, Steve Zalewski & Associates p.c. expert and affordable Bankruptcy attorneys can help you out. It provides excellent services for filing all types of bankruptcy and helps you to emerge out of debts.
Why people declare bankruptcy? Which type of bankruptcy should they declare? These are all common questions which people usually ask. But there is no particular answer and “it all depends” on individuals. For few filing bankruptcy help may be the only answer to overcome debts. For few it may be the only means to save home, car or any other valuable asset. The new legislative has made filing bankruptcy much more difficult and all the debts are not eliminated. Few things like student loans are not discharged under bankruptcy. The new filing system makes it difficult to get chapter 7- a liquidation process wherein all the debts are cleared. Thus nowadays filing bankruptcy has become expensive than in past times it used to be. But Steve Zalewski & Associates p.c. expert and affordable Bankruptcy attorneys can make it easier for you; it provides services for filing all types of bankruptcy.
Chapter 7 bankruptcy laws
To be eligible to file for chapter 7 bankruptcy, the debtor should meet few guidelines. He should attend a credit counseling course and this should be from a registered provider. One should also meet the income guidelines as per chapter 7 bankruptcy rules.
Chapter 7 bankruptcy is a liquidation process and it’s much difficult to qualify than a chapter 13. After a person has got bankruptcy credit counseling and it’s clearly documented that debtor doesn’t have necessary income to pay of the debts than one can get approval.
Chapter 13 bankruptcy laws
Chapter 13 bankruptcy is a repayment plan and its set up by the credit counseling service. Here the debts are not eliminated but a repayment plan of 3-5 years is implemented. The debtor has to pay his debt within these years and get discharge of all his debts. But one should take note that bankruptcy remains on the credit report for 7-10 years and thus one should only file it when there are no other options left.
Credit card bankruptcy is also one option, its designed to repair the credit after one have filed bankruptcy and discharged the bankruptcy debts.
Filing bankruptcy can be a method to release the debts but this should not be taken lightly and it should be the last option available to discharge the debts. It’s considered as the biggest mark on the credit score and rating thus one should only choose it only when required.