Consolidate Debt TO Avoid Bankruptcy
If you are thinking of Bankruptcy consider these facts first:

Bankruptcy is a proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved of further liability. Chapter 7 deals with liquidation, while Chapter 13 deals with reorganization.

NOTE :- The Bankruptcy Reform Act makes it more difficult and expensive, but most people can file. Since the new laws are very complex, it is more important then ever to talk with a qualified bankruptcy attorney.

Types of bankruptcy

1. Chapter 7 bankruptcy is when the court appoints a Trustee who may liquidate or sell some things that you own to pay your creditors. Most of your debt will be canceled, but you may choose to pay some creditors, usually to keep a car or home in which the creditor has a lien.
2. Chapter 13 bankruptcy is when your debt is reorganized into a single monthly payment. The payment will continue for 36 to 60 months. You do not have to repay all of your debt. You pay only as much as you can afford, but the minimum payment may be affected by property you want to keep. When you complete the payments, debt not paid is discharged.

Consolidate Debt & Avoid Bankruptcy