June 30, 2013

The Lowdown on Bankruptcy

You just went through the rigorous and frustrating process of filing for bankruptcy. Now what? The appointed trustee now has to do his job by selling some of your assets to pay for your debt. If you filed for a chapter 7 bankruptcies then there is a possibility that you will keep your home and vehicle, but that still depends on the circumstances. There are some cases when an income payments agreement has to be signed for this will allow you to deal with your monthly installments.

There are several obligations that you must go through when you become bankrupt. This includes informing the Official Receiver about your assets and earnings, cooperating with your appointed trustee, and paying your debt and mortgage. This can be a tiring process so it is recommended to consult and research more about this. Now that you know what happens in bankruptcy, you need not be afraid and just continue what you are doing.

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