Bankruptcy Procedures

Chapter 7 bankruptcy is not for everyone but can be used to relieve an individual from severe debt such as large hospital bills or judgments due to insurance claims. If an individual owns expensive cars or an extravagant home, they may not be granted a chapter 7 bankruptcy but instead may be steered toward a chapter 13 filing where a payment plan is developed for the creditors. Chapter 7 bankruptcy will stay on your credit report for seven years, but companies may keep record of your filing and discharge of their debt for your lifetime. You may find it is more difficult to receive credit after a filing. More info: bankruptcy San Bernardino

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