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Here we will discuss how you can file for chapter 7 bankruptcy or chapter 13 bankruptcy to eliminate debt
and still keep your current home.
          Eliminate Debt By Filing For Bankruptcy

If you have good or bad credit, and you don’t want to consolidate
debt with your mortgage or a new installment loan, you can
always file for chapter 13 bankruptcy or chapter 7 bankruptcy
protection to eliminate debt.

If your burdened with debt and own only one home ( if any) you
can file for chapter 7 bankruptcy and eliminate your debt and can
keep your home and car. If you have equity in your home you
may be forced for file for chapter 13 bankruptcy.  If you have a
large sum of equity in your car it may have to be sold.

Under Chapter 13, the debtor proposes a plan to pay his
creditors over a 3 to 5 year period. During this period, his
creditors cannot attempt to collect on the individual’s previously
incurred debt except through the bankruptcy court. In general,
the individual gets to keep his property, and your creditors end
up with less money than they are owed.

A disadvantage of filing for personal bankruptcy is that a record
of it stays on the individual’s credit report for 10 years. This may
make credit less available and terms less favorable.

For further information on the bankruptcy laws and filing you
should contact your bankruptcy attorney for the best updated
information.
We hope that our free bad credit debt consolidation loan services will help you consolidate
debt, reduce debt, or even eliminate debt to get in a better financial situation.

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