Bankruptcy 101

When overwhelming debt makes your days harder and more stressful, bankruptcy can seem the right choice. In the United States, bankruptcy filings are often considered the last option because of their impact on your credit report. Whether you’re in bad financial shape due to poor choices or bad luck, this blog post will explore bankruptcy and alternatives.

 

Read on to learn more about this subject and prepare to take the best financial approach to improve your finances!

What’s Bankruptcy?

Bankruptcy is a legal process that allows individuals and businesses to eliminate or restructure their debt. It can relieve certain types of creditors and enable you to reorganize your finances to move forward. There are two main types of bankruptcy in the USA: Chapter 7 and Chapter 13.

Bankruptcy In The USA

Some people file for bankruptcy because they can’t pay their bills, while others file because they want to get rid of their debts. Bankruptcy can help you eliminate credit card debt, medical bills, and other unsecured debt.

 

Chapter 7 bankruptcy is often called “liquidation” because the court takes all your assets and sells them to pay off your debts. Chapter 13 bankruptcy is called “reorganization” because you keep most of your help and make monthly payments to your creditors for 3 to 5 years.

How Bankruptcy Can Help You

The decision to file for bankruptcy should not be taken lightly. Bankruptcy will stay on your credit report for 7 years, and it can be challenging to get a loan or rent an apartment after you file. If you are thinking about filing for bankruptcy, be sure to consult with an attorney first. It’s also worth considering performing an asset “liquidation” on your own.

Avoid Bankruptcy With Wyohouses’ Help!

Get ahead of your finances by selling your house to a home buyer in Laramie, WY. Wyohouses is the “we buy houses” company you need when financial problems knock on your door. You can get cash and relief when you sell your house to us. Wyohouses will take care of the entire process: from free appraisal to closing and all paperwork in between.

 

If you want to avoid bankruptcy and “sell my house fast,” you should contact Wyohouses. We’ll assess your property and extend a cash offer within 24/48 hrs. From start to finish, we guarantee a hassle-free process without delays or worries. Get in touch with our home buyers now!

Text 307-228-7323 for your Immediate cash offer.