More on Bankruptcy . . . good and bad.
“[Individuals considering bankruptcy] are too rapped up in the emotions of the situation to see other options. But when you’re standing on the outside and not in the middle of the financial mess, it’s easy to see other alternatives.” – David Ramsey (daveramsey.com)
What Chapter am I in?
There are various “chapters” of bankruptcy, and following is a brief description of the most common options for which an individual can file (for a greater understanding of these options, contact an attorney specializing in bankruptcy):
• Chapter 7
involves the liquidation of one’s assets. A designated trustee will sell the person’s nonexempt property and distribute the proceeds to the individual’s creditors.• Chapter 11
requires a plan of reorganization that includes information on the debtor’s assets, liabilities and business affairs sufficient enough for a creditor to assess the plausibility of the plan.• Chapter 13
allows the debtor to pay debt over a time of 3 to 5 years. This type can prevent foreclosure if the homeowner can make all mortgage payments during the years of the payment plan.If you are considering bankruptcy because of overwhelming mortgage payments, you may not see any light at the end of the tunnel. However, we are here to assist you. As CDPE-designated agents, we can assist you in evaluating options for your particular situation.
Bankruptcy is not always an inevitability, and it might not be right for you. Contact us today and let us help you find a successful path for a more stable and happy future.
Categories: Certified Distressesd Property Experts in Virginia, Foreclosures, Bankruptcy, Certified Distressed Property Experts in Virginia, Housing and the Economy, Housing Market, Virginia Short Sales, Virginia Pre-Foreclosure
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