Personal Bankruptcy and personal debt consolidation loan

Personal bankruptcy is a legal process of wiping out debt and catering means for debt struck people to obtain a"fresh start". In most of the cases, personal bankruptcy means the wiping out of the debt that you owe to any of your creditors. The two common types of bankruptcy are known as Chapter 7 and Chapter 13.

Types of bankruptcy

When you decide for bankruptcy you must analyze which one suits you better, a chapter 7 bankruptcy or a chapter 13 bankruptcy. Bankruptcy is a legal way to wipe the financial slate clean or reorganize the payment schedule and start all over again. Chapter 7 is a way to legally "stiff" your creditors and start afresh. While chapter 13 is to reaffirm your commitment to repay your debts, only this time on new terms. These are the two common forms of bankruptcy.

What does it cost?

The cost of filing Chapter 7 bankruptcy is about $200. The lawyer will charge around $800 to $1,200. Some of the bankruptcy lawyers offer a free initial consultation. You must keep the fees down by being well prepared. You may attend the meeting with the creditors all alone to keep the fees down. But you must check this with your lawyer. In some of the states like Massachusetts, attorneys are supposed to attend the Section 341 meeting with the debtors, else attorneys are viewed to have not represented the debtors. Of course, there is one alternative to personal bankruptcy, eliminate all your debts. In our program you do not have to take a loan or to renew your debt payments schedule. The procedure is as follows:

• We invite the debt struck people for Debt counseling
• After knowing the financial problems of the consumers, we negotiate with the creditors
• Debt reduction done to minimize the total amount of debt.
• In short it is personal debt consolidation
• Debt counseling for further plans
• At last a long term credit repair

Debt consolidation helps to reduce your debt amount. The rest amount is consolidated into small monthly payments. With proper debt counseling and credit repair you can get back to debt free life. We have helped many like you to consolidate debts smoothly. We have an established company and wide network of experienced counselors. Also we have special relationship with over 20000 creditors nationwide. Be a part of our big family and get free debt consolidation and free debt counseling.