Bankruptcy

SURRENDERING YOUR HOME IN BANKRUPTCY – Louisville Kentucky Mortgage Loans

Types Of Bankruptcy

Bankruptcy is a status of a person when he cannot repay his debts. Bankruptcy is initiated by the debtor but is imposed by a court order. It is not only the legal status of an insolvent person that is the reason it is not only similar to insolvency. It is applied in broader way to the procedure of formal insolvency. If you are filling the case of bankruptcy then you should be aware of all the things. That what types of bankruptcy you should fill? What is their work? What things are involved?  So you should be aware of everything before filing any type of bankruptcy it is advisable to consult a lawyer. He can judge your condition in a much better way. As the lawyers has the experience of many years and solved many cases of same type.

There are two types of bankruptcy filings:

  • Chapter 7
  • Chapter 13

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