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Filing personal bankruptcy is a means to overcome debts, one can either file chapter 7 or chapter 13 bankruptcy depending on the situation and clear his debts. But there are few debts which cant be cleared by filing bankruptcy like student’s loan, child support, spousal support etc.

For few folks, filing personal bankruptcy is the only alternative to emerge out of debts. Whether the debt is the result of not paying down the bills or it’s because of poor financial decision. There are various things which should be considered before filing personal bankruptcy. You should first decide whether you should file chapter 7 bankruptcy or chapter 13 Personal Bankruptcy. There are many debts which cannot be covered under bankruptcy. Thus all these things should be cleared before filing bankruptcy. Bankruptcyonly provides services for filing bankruptcy and helps you to clear your outstanding debts.

In chapter 7 bankruptcy the trustee needs to sell all his nonexempt assets thus his debts can be easily repaid. In chapter 7 bankruptcy there is a risk of losing the personal assets. Thus before filing chapter 7, one should fully understand how it works.

Chapter 13 bankruptcy is quite different from chapter 7 bankruptcy. Under this bankruptcy, a portion or all of the unsecured debt is repaid. A repayment plan is established by the bankruptcy court. The payments are to be made from 3-5 years. Though personal bankruptcy is an easy means to overcome debts but there are few types of debts which cannot be included in filing bankruptcy like student’s loans, taxes, child support, criminal fees, spousal support etc.

Filing personal or even medical bills bankruptcy can have a negative effect on the credit rating. This effect last in the credit scores for almost seven to ten years, depending upon the debts. Though the credit score is affected but you can still get credit after your bankruptcy discharge. But the credit comes with high interest rate.

According to bankruptcy information, filing bankruptcy can also have other negative effects like getting a life insurance might be difficult. Many insurance companies are charging higher premium with bad credit score. Even employees are running credit check thus finding a job even becomes difficult.

For many people debts become uncontrollable and thus filing personal bankruptcy and Bankruptcy Petition is a means to deal the debt. If you too are looking to file personal bankruptcy then Bankruptcyonly can help you out.