Debt Consolidation - Bankruptcy Chapter 7 & Chapter 13 Bankrupcy

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Bankruptcy Chapter 7 & 13

New bankruptcy legislation is pending and is expecting to be passed when Congress reconvenes. The following will highlight some of the major revisions and how they may impact you:

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

Bankruptcy is not the end all solution it's portrayed to be. Click Here for a better alternative and receive a free quote in 24-48 hours.

To file bankruptcy, you must be legally declared unable to pay your debts. Often, you see advertisements promoting bankruptcy as "fast and easy", but that generally applies to the lawyer who files on your behalf, not you. Your lawyer isn't the one who has to live with the stigma of filing for up to 7-10 years. Bankruptcy is not a quick fix or a way to conveniently escape ones financial commitments. It suppose to be for those who have no hope of ever repaying their debts or need debt restructuring in order to make their debt load more manageable.

Those who meet chapter 7 requirements are allowed to wipe out most unsecured debt. However, if the debt is secured or something that was court ordered, chapter 7 does not let you escape your responsibility. For example:

-> Alimony and child support
-> Secured debt like a home
-> Properly executed titles or liens
-> Back taxes
-> Recently made purchases
-> Student loans

Chapter 13, or the Wage Earners Plan, allows the individual to immediately stop collection activity and restructure payments so that they are more manageable.
This chapter gives the individual breathing room by forcing creditors to come to the bargaining table so that payments can be renegotiated. You will normally be discharged from this chapter in 3-5 years.

Since filing bankruptcy is a civil proceeding, it is public event and becomes a part of your credit record. If you wish to spend the next seven to ten years paying cash for everything and don't plan on buying a car, home, or applying for a loan, then it may be for you. Most of us don't want to live that way.

Our program can help you get out from under your debt load without having to take such drastic measures or make your financial problems public. Click on the link below and fill out our convenient online for and a consultant will show a faster and simpler way to manage your debts.

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Allied Debt Consolidation
3275 W Hillsboro Blvd - Deerfield Beach, Fl 33442
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Debt Consolidation - Loans & Credit Card Bill - Debt Consolidation

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