Chapter 7 Bankruptcy Alternatives
Chapter 7 bankruptcy alternatives include chapter 11 and 13 plus
nonprofit debt consolidation program, consumer credit counseling and debt
consolidation loans.
Chapter 11
Bankruptcy may be the right choice for those in business, such as
corporations, partnerships, and sole proprietorship. Under this chapter you can
seek adjustment of debts, either by reducing the debt or by extending the time
for repayment, or you may even seek a more comprehensive reorganization. Sole
proprietorship may also be eligible for relief under chapter 13.
Chapter 13
bankruptcy is for individuals who have regular income and desire (or can
afford) to repay their debts. You propose a repayment plan to the court and
your creditors for as little as 10 cents on the dollar. Under chapter 13, you
will have 36 - 60 months to repay your creditors.
You may also be able to negotiate an out-of-court agreement
with creditors either on your own or through non profit debt consolidation
programs. In many cases they may provide the best alternatives to filing
bankruptcy because they can usually negotiate on your behalf for 10-30 cents on
the dollar thus saving you a fortune in interest and late fees.
WARNING! A chapter 7 case may be dismissed for substantial
abuse when the debtor has the ability to propose and carry out a workable and
meaningful chapter 13 plan.
How to file chapter 7
bankruptcy
Duties of the Trustee
The Chapter 7
Discharge
Chapter 7 Bankruptcy Forms
Debt Danger Signs!
Do you . . .
- Borrow from friends and relatives to cover basic expenses?
- Depend on overtime or moonlighting to cover monthly bills?
- Consolidate debts by borrowing from a high-interest lender?
- Pay only monthly minimums or miss payments on charge
accounts?
- Panic when faced with an unexpected expense, such as car
repairs?
- Hope that checks you've written don't clear the bank before
payday?
- Find it impossible to save money or withdraw money from
savings to cover bills?
If you answered yes to one or more of these questions, then like
thousands of other Americans you may be considering bankruptcy but this may not
be your best solution!
The average American:
- Has over $12,000 (thousand) dollars of unsecured debt;
- Can only afford to make minimum payments; and
- Requires over 23 years to pay off their credit card debt!
If you are faced with a financial hardship arising from
extenuating circumstances such as a job layoff, lack of money management
skills, overuse of credit cards or just a run of bad luck . . . you're not
alone!
Many people can avoid bankruptcy, stop debt collection actions,
and prevent major damage to their credit report by enrolling in a nonprofit
debt consolidation or credit counseling program.
If you've fallen behind on your
bills, especially credit cards, don't panic. You may have several good options
available to you. Your success starts by assessing your current situation and
finding a trusted service provider that is licensed in your state.
How iDebtAssistance.com Works:
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right for you: FREE Legal
Evaluation
Rich's Enterprises, L.L.C.,
Prattville, Alabama
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