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What type of bankruptcy do I need to file?
I lost my job and I'm broke. How do I file bankruptcy and what kind do I need to file? What are the different types of bankruptcy? Who do I need to talk to to file it for me? Can they help me at the Unemployment Office?
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M$1 Answer
Any person or business who owes money to creditors can file a bankruptcy petition. Filing for personal bankruptcy should be carefully thought of as these can pose several impacts on your life. For example, this can influence your status when obtaining future loans, house or apartment rents, and job applications. Also, this action can consume much of your energy and can be highly stressful on your part.
There are three basic types of bankruptcy protection: Chapter 7, Chapter 11 and Chapter 13. Chapter 11 is applicable to large organizations that have a lot of debt accumulation. Chapters 7 and 13 are two types of personal bankruptcy in which the former can be more severe than the latter. Under Chapter 7, most of unsecured debts of an individual are likely to get terminated after secured debts have been paid of and assets (such as bank savings or checking accounts) are to be submitted to the courts dealing with court proceedings. Discuss the case with a qualified bankruptcy attorney or consult a public legal adviser.
For more guides and assistance, please visit http://bankruptcy.lawyers.com/Bankruptcy-Basics/Bankruptcy-FAQ.html.
There are three basic types of bankruptcy protection: Chapter 7, Chapter 11 and Chapter 13. Chapter 11 is applicable to large organizations that have a lot of debt accumulation. Chapters 7 and 13 are two types of personal bankruptcy in which the former can be more severe than the latter. Under Chapter 7, most of unsecured debts of an individual are likely to get terminated after secured debts have been paid of and assets (such as bank savings or checking accounts) are to be submitted to the courts dealing with court proceedings. Discuss the case with a qualified bankruptcy attorney or consult a public legal adviser.
For more guides and assistance, please visit http://bankruptcy.lawyers.com/Bankruptcy-Basics/Bankruptcy-FAQ.html.
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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