what happen if I declare myself in bankrupt that means I dont have to pay anything even if I have a big debt, any answer is welcome thank you.
Hope this helps:
Chapter 7 Bankruptcy:
There are lots of reasons people file for Chapter 7 bankruptcy. You're probably not the only one, whatever your reason is. Some common reasons for filing for bankruptcy are unemployment, large medical expenses, seriously overextended credit, and marital problems. Chapter 7 is sometimes referred to as a "straight bankruptcy." A Chapter 7 bankruptcy liquidates your assets to pay off as much of your debt as possible. The cash from your assets is distributed to creditors like banks and credit card companies.
Within four months, you will receive a notice of discharge. The record of your bankruptcy will stay on your credit report for ten years. But even that doesn't have to mean doom. Lots of Chapter 7 filers have bought homes with recent bankruptcies on their record. For many people, Chapter 7 offers a quick, fresh start.
But Chapter 7 bankruptcies aren't right for everyone. Almost all assets are taken and sold to repay creditors. If a debtor owns a company, a family home, or any other personal assets which he or she wants to keep, Chapter 7 may not be the best option.
Chapter 13 Bankruptcy:
For people who have property they want to keep, filing a Chapter 13 bankruptcy may be the better choice.
A Chapter 13 bankruptcy is also known as a reorganization bankruptcy. Chapter13 enables people to pay off their debts over a period of three to five years. For individuals who have consistent, predictable annual income, Chapter 13 offers a grace period. Any debts remaining at the end of the grace period are discharged.
Once the bankruptcy is approved by the court, creditors must stop contacting the debtor. Bankrupt individuals may then continue working and paying off their debts over the coming years, and still keep their property and possessions.
Scary, but Sometimes Necessary It can be hard to admit you need help getting out of debt, or that you can't do it alone. But that's why our government has bankruptcy laws to protect not only the creditors, but you! If you have a nerve-racking debt-load, it may be time to face financial facts. Perhaps you've been trying to ignore the ringing phone and the pile of unpaid bills that won't go away.
However, you could be doing yourself a disservice by not filing for bankruptcy. With a good lawyer and the right information, filing bankruptcy could give you the financial footing you need to get a fresh start. In other words, throwing in the towel may just be the beginning you need. http://www.legalzoom.com/legal-articles/bankruptcy-basics.html
Its not AS bad as some people say. many many people are declaring bankruptcy today...my boyfriends parents just had to last year. basically it clears your debt, no more bill collectors bugging you, and you start over from scratch and build your credit again. the problem is in some cases the banks or whoever can take stuff from you. like a car if its all paid off and it has worth, etc...if its necessary to go bankrupt if you seriously cant pay off your debt then do it, and obviously have a lawyer you trust to be by your side with it.
When you file for a bankruptcy means that you can't longer to pay all your debts. However, mostly lose their assets when they gone bankrupt but this is conditional. Just try to talk with your bankruptcy advicer or lawyer.
It's not something you want to do- if you ever want to apply for a loan to buy your own home, or start your own business, banks won't touch you. You make life a lot harder for yourself.
