Bankruptcy

Talk To The Debt Ninja About Bankruptcy

Aside from debt consolidation and debt settlement, the Debt Ninja can help you determine if you need to consider filing bankruptcy.

When it comes to filing bankruptcy, there are two types of personal bankruptcy filing options: Chapter 7 and Chapter 13. The Debt Ninja can help you take a look at the main benefits of both and determine if you qualify.

The Debt Ninja Can Help You Weigh Your Bankruptcy Options

The Debt Ninja understands that the idea of filing bankruptcy may sound devastating, but suffering for years or decades under debt is much worse. While it may sound like your giving up, it may actually lead you to a fresh start.

Here are some major advantages in filing bankruptcy:

  • While bankruptcy does stay on your credit report for up to 13 years, there are still many creditors that will take a chance on you and help you to reestablish your credit right away.
  • Chapter 7 is a complete liquidation of all unsecured debts and only available to individuals and business entities. Any nonexempt assets can be sold to pay back a portion of the outstanding debt. It can take four to six months to process, but the result is being debt free.
  • Chapter 13 is a reorganization of your debts. It is only available to individuals and sole proprietors and involves reorganizing your debts in order to facilitate the capability of making payments to your creditors. It could take up to five years or more to repay your debts back depending on how much you owe and how much income you have. Although a bankruptcy negatively affects your credit history, the payments would still be reflected on your credit score.

Let The Debt Ninja Help You Determine Which Bankruptcy Is Right For You

With the fresh start of a Chapter 7 filing, you would have to sell off nonexempt assets. This means if you have a small business, you would have to downsize back down to the level you were at when you first opened up shop.  For some people, they might have to go out of business and make plans to start a new one.

In Chapter 13 bankruptcy, you would have to be sure to make on time monthly payments once you reorganize your debts. This type of bankruptcy shows up as such but operates more like a debt consolidation type plan. You can continue to operate as long as you make your payments. It may take up to 13 years to get the bankruptcy off of your credit.

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As the Debt Ninja can assure you, it’s not the end of the world if you have to file bankruptcy. Look at it like a fresh start and a second chance.

To find out which fresh start is right for your financial needs, call the Debt Ninja, and let him guide you in the fight for financial freedom.