Bankruptcy Law
Bankruptcies provide a powerful way for individuals or business organizations to handle their debts with help from the Bankruptcy Court. For many, bankruptcy is the quickest and most cost efficient way to handle debts.
Outside of bankruptcy and paying your creditors in full, there are basically two other ways to handle debts. One way is through a Consumer Credit Counseling program, which will attempt to lower the interest rates on credit card balances so that the debt is paid in full within 5 years. The second alternative to bankruptcy, known as Debt Settlement, allows outstanding debts to be settled with a lump sum payment that is acceptable to the creditor. Often this is not an option, since it requires the debtor to come up with a large sum of money that he/she does not have. It should also be noted that, even if you choose one of these options, your creditors may still send your account to collections or harass you at home or work.
As opposed to the previously mentioned options, creditors cannot collect debts from you while you are in bankruptcy. The two most common types of bankruptcies for individuals and sole proprietorships are Chapter 7 and Chapter 13.
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