QUESTION
What is the best way to file bankruptcy and how long does it take to complete the process if you file.
Asked on Jul 21st, 2011 on Bankruptcy - South Carolina
More details to this question:
How do i stop the bank from their process if i do file. I have been drag along for two years and have provided them with every thing they asked of me. I have provided proff that I could pay a modification on my payment and also requested a refinancing on the house. I want to keep my house.
1 ANSWER
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There are two chapters of bankruptcy that typically apply to individual debtors - chapters 7 and 13. A simple chapter 7 may last around 6 months or more, and will discharge most unsecured debts. A chapter 13 may last between 3 to 5 years while the debtor continuously pays off the debts owed. Once an individual files a bankruptcy case an automatic stay is put in place preventing any foreclosure, repossession, or garnishment for a specific time period. You should contact a licensed bankruptcy attorney in your state, because your case has many different potential issues to resolve before you choose to file.
For more information on this topic visit my website at www.alsobrooklaw.com
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Answered on Sep 21st, 2011 at 2:53 PM