Chapter 11 Bankruptcy Filings For Generally For Businesses

March 17, 2010 - PRLog -- Filing personal bankruptcy is an effective way to address medical bills, credit card debt, mortgage payments, car loans, tax debt...debt can become a tremendous weight not only on your family finances, but on your emotional well-being. Worry over debt can feel all-consuming.

If your debt feels like it has become unmanageable, it may be time to consider your options. Chapter 7 bankruptcy information is a great place to start. Next look at life after chapter 13 bankruptcy. One great way to address financial problems, including Chapter 7 fresh start and Chapter 13 reorganization as well as debt consolidation is open to you.

DEBT DISCHARGE IN CHAPTER 7 AND CHAPTER 13

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Chapter 7 and Chapter 13 handle debt differently. The type of bankruptcy filing that is most appropriate for you will depend upon the type and amount of debt you have and your current income and your future financial goals.

•   Chapter 7 Debt is all about discharging debt : Under Chapter 7 you may be relieved of debt related to credit cards, medical bills, past due taxes, utility bills, personal loans, car loans, deficiency loans, and second mortgages on foreclosed homes.
•   Chapter 13 Debt is partly about discharging debt: Under Chapter 13 your debts are reorganized into a repayment plan, based on your budget. You need to carefully analyze what portion of your debt can be discharged. Debts that can be reduced and eventually eliminated are second mortgages or home equity loans, credit card bills, medical bills, personal loans, balance on repossessed vehicle, older tax debts, past utilities bill and more. Debt that cannot be discharged under Chapter 7 can be part of a Chapter 13 repayment plan.

DEBTS THAT CANNOT BE DISCHARGED THROUGH BANKRUPTCY
Some types of debt typically cannot be discharged, but can be reorganized in bankruptcy, such as:

•   Alimony
•   Child support
•   Government insured student loans (although in some circumstances a student loan can be discharged for hardship)
•   Tax liability for taxes less than three years old (tax debt is over three years old may be dischargeable)
•   Debts for state or federal fines and penalties, such as traffic tickets and criminal restitution
•   Secured loans for property you wish to keep (for example, a vehicle or home)

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