Personal bankruptcy is an opportunity created for the debtor to start all over again. It may be a hard and embarrassing decision but, it is normally a chance given for you to reorganize your finances. It may be an easy process or a complex one depending on the debtors available property. It is also dependent on the income of the debtor. If the income of the debtor is favorable, he is is allowed to work as he continues to pay the debts.
In case the debtor does not earn enough to continue paying the debts, they are advised to file under the liquidation chapter. Most people will wonder what will happen to their income once the petition has been filed. It is important that they seek proper answers to this question. The answer to this highly depends on which chapter the petition has been filed.
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In the case of chapter 7 petition, the income may be used to pay amount that were not covered under liquidation. If the petition was made under chapter 13, the debtors income will divided into two with one part being directed to debt payments. The debtor should also be informed of the periods that are involved in the process before filing a personal bankruptcy.
In case the debtor has never gone to court on this matter before, the case will normally take 9 months which is subject to change depending on the assets involved. Personal bankruptcy may be a difficult step to take but the debtor should think thoroughly about it. The debtor should seek the guidance from an attorney who will give advice on what should or not should be done.
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