Do creditors calling you all the time and find that your loan payments are more than your income hound you? Have you lost your job and do not have an income stream? Well it may be that you have got into a debt trap and are not able to come out of it. If this is so, then let us tell you about how the law can be of help.
As per the provisions of the Federal Laws, any individual or a company can file and declare bankruptcy in which case they will not be liable to pay off their loans and get legal relief. However this is not as easy as it sounds.
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Earlier on when you lost your income stream and could not afford to pay your loans, you could declare yourself bankrupt and get relief for the Government would cancel all the debts and you could again start your business or take up a job after a few years as prescribed by the law. It was very simple.
Obviously people started misusing the provisions of the law and hence Government had to finally make amendments in the rules and ensure that only those who genuinely needed bankruptcy support were provided with the relief. So now the rule works differently.
An individual files a claim for bankruptcy following which an independent assessment of his assets and liabilities are carried out based on which he could be allowed to file certain type of bankruptcy.
Under the provisions of bankruptcy there are several chapters. Most of the cases fall between chapters 7 to 13 with businesses falling under Chapter 11. Only once the right chapter is determined are you allowed to file your papers and the rest of the process begins.
Every chapter describes in detail and sets down condition applicable for bankruptcy and it is quite impossible for laymen to interpret the subtle differences in the provisions of the various chapters and determine their case. You would have to depend upon bankruptcy lawyers to guide you and file on your behalf. But then no individual stands to get a hundred percent relief of debt.
One would have to pay a part of the debt outstanding or draw up a longer repayment plan. Bankruptcy status gets reflected in your records everywhere and will effect your credit rating for a long time making it difficult to get more loans or credit cards because you are deemed credit unworthy.
So be very careful before you file for bankruptcy. Unless otherwise you have no other option do not file for bankruptcy, for it does not make your life easier later. But if you do not have any other means to come up with money, then this is the only option available to you.
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