Guidelines for Filing Bankruptcy

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The guidelines for filling bankruptcy require an individual not be able to pay existing debt due to excess medical bills, credit card debt, foreclosure or job loss. Hire a bankruptcy attorney to discuss whether to file Chapter 7 or Chapter 13 bankruptcy with insight from a registered financial consultant in this free video on bankruptcy.

Part of the Video Series: Personal Finances & Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about guidelines for filing bankruptcy. If an individual, in these recessionary times, finds that it's difficult, if not impossible, to pay their existing amount in a debt, be it medical debt, credit card debt, foreclosure. If they're facing foreclosure -- and it just becomes impossible due to illness, which is one of the top reasons for bankruptcy, by the way, or job loss, which is quickly coming onto second place situation, bankruptcy has definite guidelines for filing that particular procedure. It's either a Chapter 7, full disclosure bankruptcy or a Chapter 13 reorganization bankruptcy, and if that is the case, an individual must retain an attorney and make sure that the attorney files the appropriate papers with the appropriate district court, depending on where you live and what state you live in. There is a fee for the filing of these papers and, of course, the lawyers who specialize in it are paid from the sale of assets and the liquidation of assets going forward. This is Patrick Munro, financial adviser, talking about the guidelines for filing bankruptcy.

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