Let’s define what bankruptcy is. Bankruptcy is a legal procedure through which individuals and businesses can eliminate or reduce some or all of their debts. In general, a bankruptcy can either be the liquidation type (Chapter 7) or the reorganization type (Chapter 13).
A liquidation bankruptcy, or Chapter 7 bankruptcy, is the most common in the United States. When you are heavily in debt and repayment or a settlement is not possible, this type of bankruptcy works better. Once you file for Chapter 7 bankruptcy, you are letting the court take over your assets (properties you own) and liabilities (the debts you owe). An automatic “stay” takes effect, which temporarily stops your creditors from collecting. On the downside, you cannot sell any of your assets, including properties you own, without the consent of the court.
What If I Have To Give Up My House?
Don’t file for bankruptcy if you can avoid it by selling the house now and cutting your losses! If you decide that giving up your home is the best solution for you, then we can help! We’ll buy your house fast and with cash! We take pride in coming up with a win-win solution and relieving you of the burden of bankruptcy.