Compare Mortgage Quotes

harrywallace07 · Joined: 25 Aug 2009 Posts: 42 -0.10 Dollars($)

what are the advantages of bankruptcy

savior70 · Posted: Thu Aug 27, 2009 6:13 am Post subject:

Hi,

Are you talking about chapter 7 bankruptcy or chapter 13?

There are some advantages of filing chapter 7 bankruptcy. One of the main advantages of chapter 7 bankruptcy is that you get a discharge from your personal liabilities and debts within 4 months of filing petition. Your assets are sold to pay off your debts. But you can also keep certain assets under the chapter 7 exemptions. Chapter 7 bankruptcy also puts an automatic stop on any legal action like lawsuit, judgment etc. taken against you by your creditors.

To know about the advantages and disadvantages of chapter 13 bankruptcy, you can refer to the following page:
http://www.mortgagefit.com/bankruptcy/chapter13.html#pros-cons .

harrywallace07 · Joined: 25 Aug 2009 Posts: 42 -0.10 Dollars($)

thanks for the reply

robertcampbell07 · Joined: 25 Aug 2009 Posts: 52 -0.11 Dollars($)

actualy, bk is useful only for those who are not in a position to pay the mortgage back.

you will loose your property for which you have taken mortgage.

ross090909 · Joined: 04 Sep 2009 Posts: 82 -0.31 Dollars($)

[System detected duplicate content; converted into image. Thanks.]

adrianlee1971 · Joined: 13 Sep 2009 Posts: 53 -0.17 Dollars($)

[System detected duplicate content, converted into image. Thanks.]

sonicool83 · Joined: 16 Sep 2009 Posts: 11 3.66 Dollars($)

YES THERE SOME ADVATAGES BUT HAS SOME CRUSIAL DISADVANTAGES.
ADVANTAGES :
It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment.

Certain categories of property may not be taken by creditors after a debtor files for bankruptcy. SO YOU CAN SAVE YOUR PROPERTY.

Bankruptcy can be a complicated process. SO You Should Contact a Bankruptcy Lawyer.

THANKS
SONI

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1