Three Common Myths About Filing for Bankruptcy – Juris Master

Bankruptcy is a legal process that is undertaken by an individual or company when they are unable to make their payments on their debts. The courts may either help restructure or discharge the entire debt when this happens.
Insolvency proceedings are classified into three main categories:
1.Chapter 7 that handles individual petitions
2.Chapter 11 that deals with restructuring of business
3.Chapter 13 that deals with wages for wage earners.
You can get a bankruptcy attorney to help you set up a repayment plan which is compatible to your income, if you belong to the third class. The plan will ask that the bankruptcy court give an additional amount of time to pay the debts.
The bankruptcy process can be filed using Sallie Mae loans. Though it’s feasible to apply for bankruptcy on student loans, the procedure can be more difficult when compared with other types.
A further concern with regards to the subject of bankruptcy is the privacy of the matter, since everyone can access bankruptcy files online. Some people are of the opinion that bankruptcy filing will put your financial details out open for everyone to view This is not the case. We will be debunking more myths about bankruptcy. i8fkyq5u6c.