Before declaring personal bankruptcy, you will want to take a bit of extra time to really make certain once and for all that you have looked into all the other possible solutions that might be open to you. At this point it's essential to do one thing, and that's this: avoid hiding from your creditors. Creditors will seem to harass customers with warnings through phone calls, mail, and collection agencies, but once you contact them to explain your situation, you become a different type of customer. You then acknowledge that you owe outstanding money and that you are actively seeking to take control of the situation. Many creditors have special arrangements available that will ease the strain and make your situation a lot more manageable.

But if you have already tried every other alternative, declaring personal bankruptcy is a realistic way to put an end to your financial crisis. It's important to realize that there are different types of personal bankruptcy that will make for different solutions to your situation. When you're thinking about declaring personal bankruptcy, try to consider the following options and determine which might be most right for you:

Chapter 7 Bankruptcy is sometime referred to as "straight bankruptcy" because it takes a "straight" approach by assessing all of your debts at once and cancels all your unsecured debts. This is called "discharging." Under this bancrupcy type you are granted a "stay," which puts an end to collection attempts by creditors and collection agencies. It also prevents you from other damages such as wage garnishment or utility disconnection. Chapter 7 is a sensible option for debtors who cannot reasonably expect to effectively meet their debts.

Chapter 13 Bankruptcy
is a somewhat different strategy that uses the bankruptcy court as a mediator between you and your creditors in order to reach an agreement on how to re-organize your debts to the best interests of both parties. If you have a steady income and property assets that you don't want to lose through repossession, Chapter 13 is a very good option. This bankruptcy type can allow you to retain what you own and protect you from creditor harassment or other damaging measures while committing you to a manageable repayment of your debts.

Take the time to get quality information and assistance. Knowing all the facts will greatly help you in making the right choices when you're considering bankruptcy as a means to get back on track with your personal finances



(in Oakland, CA)




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