What are the alternatives to Chapter 7 bankruptcy?
When it comes to personal bankruptcy, there are two primary types: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, also known as a liquidation bankruptcy, your assets are sold off to repay your debts. A Chapter 13 bankruptcy, on the other hand, is known as a reorganization bankruptcy. With this type of bankruptcy, you're able to keep your property but must repay your debts through a three- or five-year repayment plan.
So, what are the alternatives to Chapter 7 bankruptcy? If you're considering personal bankruptcy, you may want to consider some of the following options:
1. Debt settlement: This option involves negotiating with your creditors to settle your debt for less than what you owe. This can be a good option if you have some equity in your home that you can use to negotiate with your creditors.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the debt and start over.
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