What are my options for filing bankruptcy?
There are several options available to you for filing bankruptcy. This will give you a brief overview of the pros and cons of each of the options. You can check this site: http://freshstartsolutions.com.au/bankruptcy/#effect
Chapter 7 bankruptcy is a legal process whereby most unsecured debts can be cancelled, or “discharged.” Chapter 7 bankruptcy is referred to as liquidation because the bankruptcy trustee may sell the debtor’s assets-those not exempt under bankruptcy laws-to benefit his or her creditors. Many Chapter 7 bankruptcy debtors have no non-exempt assets; in cases like these, the unsecured debts that qualify are discharged without liquidation. Certain unsecured debts cannot be discharged under Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, the bankruptcy court administers a full or partial repayment plan of what the debtor owes. The debtor must first submits a plan to the court; if that plan is approved, the bankruptcy trustee collects monthly payments from the debtor. The trustee is in charge of paying off creditors according to the terms of the approved plan. This repayment plan can take anywhere from 3-5 years, after which-if all payments have been made on schedule according to the plan-an
