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Declaring Personal Bankruptcy
By Alan Jason Smith
If you're drowning in debt and creditors have your phone ringing off the hook, personal bankruptcy might seem the only way out. Indeed, for people whose debts dwarf their ability to pay, declaring bankruptcy can be a fast way to gain a fresh financial start.
There are two types of bankruptcy petitions you can file: Chapter 7 and Chapter 13. Each of these have a different purpose and different set of circumstances attached.
Chapter 7 bankruptcy involves the seizing and liquidation of your assets. This includes real estate, stocks, bonds and valuable property. Once liquidated, the proceeds are used to pay off the various creditors you owe. Property exempt from Chapter 7 bankruptcy include...
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