People who are facing tough financial times are desperately looking at different options to bring their credit card debt or mortgage payments back in control. They see TV ads talking about debt settlement, debt consolidation, bankruptcy, chapter 7 chapter 13. All of these terms flying around without a real understanding of what it means for them and their financial troubles. On top of this confusion, there are all those creditors calling at all hours making their lives even more stressful.
If you [...]

Chapter 7 bankruptcy: Also known as liquidation (converting assets into money) or a straight bankruptcy. This is one of the faster ways of starting afresh and more so if there are no objections from any of the parties involved. Ordinarily, most (if not all) debts would be discharged within months of the attorney filing a bankruptcy petition. A trustee is appointed who collects all non-exempt property, sells the assets and distributes proceeds from this sale to appropriate creditors. Chapter 7 is [...]