In a time where financial ruin and racked up student loans run rampant, many are opting for bankruptcy. In fact, in a recent tweet, real estate mogul Donald Trump said that filing for bankruptcy can actually be good for your business, even the best decision you ever made.
But Trump’s trumpeting aside, bankruptcy is a serious financial decision that can affect you for life and stays on your credit score for an incredibly long time. If you’re thinking about filing for personal bankruptcy or personal bankruptcy, this article is for you. Read on to discover the truth about bankruptcy, and the legal team you need to file bankruptcy.

What is bankruptcy?
Bankruptcy is a way of bottoming out from foreclosure and excessive debt. When you find yourself drowning in bills that there’s no feasible way of paying, filing for bankruptcy is an option many individuals turn to, in fact, bankruptcy filings in California have increased by 600% over the past nine years.
As far as bankruptcy goes, there are a few kinds of filings: Chapter 13 bankruptcy, and Chapter 7 bankruptcy.
Chaper 7 bankruptcy enables you to keep your liquidated assets, while the rest of your debts and unpaid credit cards are absolved. The assets you are exempt from giving up are then used to pay off your debts. Chapter 7 bankruptcy is idea for those with a low income, few assets and higher amounts of debt.

Chapter 13 bankruptcy gives you a period of three to five years to pay off your debt, based upon a payment plan. Under this bankruptcy, a trustee will come to pay each amount, as dictated by your payment plan. This is a good way to buy time against foreclosure and property seizures.

For the most part, filing for bankruptcy is one of the only ways to rid yourself of debt and financial setbacks. That being said, finding a good bankruptcy lawyer is absolutely essential to making sure your bankruptcy file goes well.