Filing for Bankruptcy
Most people who file or consider about filing for bankruptcy have wrong ideas about how the entire process actually works. This is acceptable as this is a very complicated aspect of the law. So, you need to hire a good bankruptcy attorney if you are filing or thinking about filing because they can guide you through the entire process and tell you what real estate you need to sell and the amount of time it will take to rebuild your finances.
If you are married, both parties do not need to declare. In fact, it is more favorable if only one person in a married couple has considerable debt, that person of the couple should declare bankruptcy. Regardless of that you require an experienced bankruptcy attorney, filings of this kind usually takes some time. It is likely to go from declaring bankruptcy and filing to debt clearance within a period of six months. For those people who have limited assets, all of their belongings will be taken and sold to pay the people to which they owe money, and after that if any balance from the debt still remains then the court will clear it. This is perfect for those people with a lot of unsecured debt.
However, people who have a steady income and a great amount of secured debt. This debt will be rearranged and paid over a period of four to five years. In these types of circumstances, you are more likely to be able to hold onto your priceless assets such as your car and your house.