“I. Declare. Bankruptcyyyyyy!”

Bankruptcy is a legal process by which an individual, couple or corporation with significant debt is either relieved of that debt or allowed to pay it off under a specified plan. That may sound really appealing if you’ve got debt up to your eyeballs, but realize that even after filing bankruptcy, you may still have to repay your debt.

Here’s How Bankruptcy Works

The process is extremely complex, so don’t expect to go through it alone — and don’t expect it to be cheap. First, you’ll file with the bankruptcy court in your federal judicial district. There’s at least one in every state. In most cases, this administrative process is carried out by a trustee appointed to your case.

TYPES OF BANKRUPTCY
Individuals and couples can file one of two types of bankruptcy.

CHAPTER 7 BANKRUPTCY

Chapter 7 is the most common and is often referred to as liquidation bankruptcy. It’s for individuals who can prove they don’t have the income or means to pay off debts. Filing for bankruptcy doesn’t mean you’ll lose everything you own. In fact, in most Chapter 7 bankruptcy cases, most of what is considered “reasonably necessary” to live and work is considered exempt. In many cases that can include your car and primary home.

CHAPTER 13 BANKRUPTCY

Chapter 13 — or “wage-earner bankruptcy” — is for people whose income makes them ineligible for Chapter 7. Individuals and families who file Chapter 13 will work with a trustee to restructure and reorganize their debt and pay it back over three to five years, in which time debtors are not allowed to take on any additional debt. You won’t have to liquidate any assets in Chapter 13, meaning you can keep your house. Instead, your payment plan will be determined by your household income and how it compares to your state’s median income.

WHAT TO EXPECT WHEN YOU FILE BANKRUPTCY

The process is pretty involved, and you’ll want to consult with a bankruptcy attorney to make decisions for your individual case. Here’s a quick overview of what to expect.

1. Bankruptcy fees
2. Automatic Stay

Source; https://www.facebook.com/zingerpay

Zingerpay:
“I. Declare. Bankruptcyyyyyy!”

Bankruptcy is a legal process by which an individual, couple or corporation with significant debt is either relieved of that debt or allowed to pay it off under a specified plan. That may sound really appealing if you’ve got debt up to your eyeballs, but realize that even after filing bankruptcy, you may still have to repay your debt.

Here’s How Bankruptcy Works

The process is extremely complex, so don’t expect to go through it alone — and don’t expect it to be cheap. First, you’ll file with the bankruptcy court in your federal judicial district. There’s at least one in every state. In most cases, this administrative process is carried out by a trustee appointed to your case.

TYPES OF BANKRUPTCY
Individuals and couples can file one of two types of bankruptcy.

CHAPTER 7 BANKRUPTCY

Chapter 7 is the most common and is often referred to as liquidation bankruptcy. It’s for individuals who can prove they don’t have the income or means to pay off debts. Filing for bankruptcy doesn’t mean you’ll lose everything you own. In fact, in most Chapter 7 bankruptcy cases, most of what is considered “reasonably necessary” to live and work is considered exempt. In many cases that can include your car and primary home.

CHAPTER 13 BANKRUPTCY

Chapter 13 — or “wage-earner bankruptcy” — is for people whose income makes them ineligible for Chapter 7. Individuals and families who file Chapter 13 will work with a trustee to restructure and reorganize their debt and pay it back over three to five years, in which time debtors are not allowed to take on any additional debt. You won’t have to liquidate any assets in Chapter 13, meaning you can keep your house. Instead, your payment plan will be determined by your household income and how it compares to your state’s median income.

WHAT TO EXPECT WHEN YOU FILE BANKRUPTCY

The process is pretty involved, and you’ll want to consult with a bankruptcy attorney to make decisions for your individual case. Here’s a quick overview of what to expect.

1. Bankruptcy fees
2. Automatic Stay

Source; https://www.facebook.com/zingerpay

Does this apply in Nigeria or it it just copy and paste from an American blog?