Filing bankruptcy is a long process and usually is best handled by legal experts in the field. However, these too can be expensive and as a consumer, there are ways in which you can do it yourself. It will take a great deal of effort, patience and reading up.

The first step to filing personal bankruptcy yourself is to decide under which chapter you want to do so. Chapter 7 comes with no debt restrictions and almost everyone is eligible for it. Chapter 13 requires a bit more work. This is whe
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For those you have a lot of financial debt sometimes the end never seems near. At times like these filing for personal bankruptcy seems to be the only option. While in some cases it does make sense as the only solution, you have to understand that it can have devastating effects on your credit history as well as your stand in society. There are several reasons why you may feel that bankruptcy is the only solution. But each of them need to be evaluated as a third person would. Perhaps then you wo
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When you file for bankruptcy, you have certain exemptions. What this essentially means is that the legal system allows a certain amount of your assets to remain untouched, thereby giving you the ability to start over again without getting caught in the debt trap. When a bankruptcy exemption says “home exempted up to X dollars” it means that if your home is exempt up to $25,000, then anything above that value, you will have to sell to clear your debt.

If for example your state homestead e
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It is a common belief that filing for bankruptcy is a way of eliminating all your debts. While in a miniscule number of cases, this is true, more often than not, you will have to pay back at least a part of that debt. Added to this bankruptcy can also completely destroy your credit rating for a period of 7 to 10 years. Working on getting a semblance of it back can be a big deal. A part of prudent financial planning would be to know that situations where you get the worst part of the bargain when
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Bankruptcy laws in the United States are governed by federal government and the federal law bestows individuals, business and even towns and cities with a legal right to file bankruptcy. There are six important types of bankruptcies that one needs to know about if he/she is seeking to file bankruptcy. However, you must always remember that any kind of bankruptcy proceeding should only be the last resort and should only be considered when all other efforts of getting out of debt have not been of
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