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Bankruptcy
Bankruptcy
Bankruptcy
When financial troubles seem unsolvable, bankruptcy is among the most well-known ways to resolve debt. It is a legal process by which you obtain relief from debt that you cannot afford to pay. It is handled by federal courts and will almost always require the hiring of an attorney.
There are several “chapters” of bankruptcy. These determine the specifics of what your bankruptcy would really look like. Sometimes it can mean a clean slate where all debt is discharged, while other instances may require that you repay a portion of the debt over a period of time.
Bankruptcy is not contingent on your credit score, but you will qualify based on a “means test” where your debts, assets, and income are all reviewed through legal processes.
Bankruptcy is not contingent on your credit score, but you will qualify based on a “means test” where your debts, assets, and income are all reviewed through legal processes. A bankruptcy will be reported on your credit report for seven years, which can create major difficulties if you attempt to apply for credit, an apartment, or even a job.
While bankruptcy is a drastic approach that has long-lasting effects, it is a process that can make sense if your circumstances warrant it. We all want to repay your debts in full. When that can’t be done, approaches such as consolidation and the debt settlement program offered by Alliance Settlement allow you to repay at least a portion of the debt, rather than attempting to walk away from it completely. If these are all unaffordable given your hardship, it may be time to consult with a bankruptcy attorney to understand what the option would look like for you.