Chapter 7 bankruptcy is also known as liquidation bankruptcy, and is an option for businesses and individuals. Another common type of bankruptcy is chapter 11, chapter 13 or chapter 12. Each type of bankruptcy could be utilized for various situations as well as for individual. In the case of active bankruptcy it is possible to get relief because creditors will no longer send the letters to you or call you regarding the amount owed. Before filing for bankruptcy, be aware of the advantages and disadvantages. A major disadvantage is your credit score could be affected. So, receiving a loan for financing your business may be difficult regardless of the fact that you’ve already settled your debts. On the other hand most important is that you will likely get the right to keep your home. As the law safeguards your home from creditors it is an enormous benefit. Therefore, before making the decision to go through it, talk with an expert financial adviser and bankruptcy lawyer , and make sure you are fully informed about what you are about to do. vj2rh5tsys.
