Individual Bankruptcy

By Paul Atredki

Are you wondering if you should file for individual bankruptcy? With many Americans falling deeper and deeper into debt, it is no surprise that an increasing amount of people consider bankruptcy their only option. An individual who is unable to pay their debts in a timely fashion may be able to file for chapter 13 individual bankruptcy.

The debtor will present the bankruptcy court with information including his income, monthly financial obligations, as well as an explanation of why he has fallen behind on bills. If approved, the court will schedule a repayment plan that enables the debtor to pay back the creditors without any legal action or additional penalties.

Those who are entirely unable to pay down their debts, even with an installment plan, should consider bankruptcy for individuals. Qualifying for chapter 7 bankruptcy can be difficult due to the surrounding laws, and ultimately, the decision is made by the court. Since the bankruptcy court bases their decision on the provided information, be certain that you hire a qualified attorney that will present your individual case in the best possible manner.

It is crucial that you understand that the final decision on which chapter you file is made by the bankruptcy court, not by you, or by your lawyer.

Both you and your attorney may respectfully request chapter 13 status; however, the court may deny the request in favor of chapter 7.

Again, an experienced bankruptcy lawyer may help you present your case to the court in a favorable manner. Since individual bankruptcy reflects poorly on your credit report for several years, filing for individual bankruptcy should only be used as a last resort. If bills keep piling up and debt collectors are calling on a daily basis, bankruptcy may be your only path toward a life free of stress.

Discuss your available options with a local individual bankruptcy attorney today, knowing how to navigate safely through the process will save you a great deal of strife.

Now hopefully the information above has been enough to help you out if you’re considering filing for individual bankrupcy. It’s never an easy thing to do and it can be a very stressful procedure to have to follow through with. This is why it’s critical you arm yourself with as much information on it as possible so that you may get through it with the least bit of trouble.

If you’re still in need of more information, simply do a bit of searching online, I’ve only scratched the surface here, there is plenty more information on individual bankruptcy laws out there.

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