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 | A FEW REASONS FOR CONSUMER BANKRUPTCY |  |
- unemployment
- large medical expenses
- seriously over extended credit
- marital problems
- large unexpected expenses
| CHAPTER 13 BANKRUPTCY | |
- takes longer than a Chapter 7 bankruptcy
- leaves your credit in better standing
- give you up to 5 years to pay off your debts
- you're in bankruptcy for up to 5 years
- on credit report 7 years after finished paying off your debts
| CHAPTER 7 BANKRUPTCY | |
- the most damaging form of bankruptcy to your credit
- out of bankruptcy in 6 months and you don't repay any debt
- shows on your credit report for 10 years from the date of filing
- must reside, have a place of business, or property in the US
- may not have been granted Chapter 7 discharge within 6 years
- may not have completed a Chapter 13 plan
- may not have a bankruptcy filing dismissed for cause in 180 days
- don't have enough to pay on your debts after paying for necessities
| DEBTS WHICH WILL NOT BE DISCHARGED | |
- taxes
- spousal and child support
- debts arising out of willful or malicious misconduct
- liability from driving while intoxicated
- debts from a prior bankruptcy
- student loans
- criminal fines and penalties
- certain luxury purchases over $1000 within 60 days of filing
- cash advances aggregating $1000 within 60 days of filing
- debts involving materially false financial statements
| PAY YOUR DEBTS WITHOUT BANKRUPTCY | |
- go through Consumer Credit Counseling Services (CCCS)
- change your lifestyle to fit your income
- sell the second car
- pull equity out of your home
- apply for a non-secured signature loan
- get a loan from a relative
- sell your home and pay off your debts with the proceeds, then rent
- cash out your 401K / retirement benefits
- sell some family heirlooms / jewelry / guns
Relocation Property Services is a nationwide relocation resource and service network. For more information, go to the RPS website at www.rpsrelocation.com.
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