Alternatives to Filing Bankruptcy
There is just no easy way to get out of debt, you have to face up to the consequences. A bankruptcy is not always the answer, as the effects are long lasting.

How to Avoid Foreclosure
When you miss your mortgage payments, foreclosure may occur. This is the legal means that your mortgage company can use to repossess (take over) your home.

Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a liquidation proceeding. The debtor turns over all non exempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors.

Bankruptcy and My Bills
The underlying policy of bankruptcy law is that the honest debtor who is in debt beyond his/her ability to repay the debt should be given a fresh start through the discharge of debts in a bankruptcy proceeding.

Bankruptcy and Bill Collectors
One of the major benefits of filing for protection under Chapter 7 is that many creditor actions are stayed. This means that debt collection efforts and foreclosure is halted.

Your Property and Assets
Once the bankruptcy is filed, all the property of the debtor at the time of the filing and certain other property to be received in the future, becomes the property of the bankruptcy estate.

Your House and Car
Depending upon which exemption scheme is selected and your circumstances, you may exempt up to $100,000 in equity.

About the Bankruptcy Process
When making financial decisions during the process, you should consult your attorney. In particular there are three items worth mentioning.

Bankruptcy Questions & Answers
I am a co-signer for a debt, how does bankruptcy affect my obligation?
If the debt is a dischargeable debt then you will not have to pay it. However, the cosigner will become primarily responsible for the debt.