Often financial obligations can get out of hand and sometimes declaring bankruptcy turns into the only choice. So here are different kinds of bankruptcy that is availble to the public http://www.newhorizon.org/credit-info/the-5-different-kinds-of-bankruptcy/ Looking for debt settlement services? http://www.newhorizon.org/Info/debtconsolidation.htm

1. Common Types of Bankruptcy
That’s Available To The Public
by: www.newhorizon.org

2. Often financial obligations can get out of hand.
Either consumers and companies are confronted
with the truth that there's absolutely no way
they are able to repay the things they owe.
That’s when declaring bankruptcy turns
into their only choice.

3. Nevertheless, you must keep in mind that
declaring personal bankruptcy will not restrict
criminal prosecution or terminate tax
responsibilities.
Also, chances are you'll not use bankruptcy as
a reason to excuse yourself of your obligations
for your children or spousal support.

4. Different Kinds of Bankruptcy

5. Chapter 7
Among the 5 kinds of bankruptcies, this one is
considered the most simple. A person, a married
couple or business partners can apply for this
proceeding.
Before submitting an application, the person or
the group will be questioned by a representative
from a Consumer Credit Counseling Agency.

6. He will be forced to make an appearance on court.
It typically takes around three and a half months
until the proceedings are completed.
Later on the person will be announced exempt from
past unsecured financial obligations. He will
then be given a trustee who will be responsible
for determining which of his property will be
excused from bankruptcy.
The remainder of his property will then be sold
and allocated among his creditors.

7. Chapter 9
This kind of bankruptcy proceeding especially
deals with cities.
Under the bankruptcy code, a town could be a
political community or a public bureau.
Since it involves a larger group, this type is
much more complicated than the other
bankruptcies.

8. FOR MORE INFORMATION READ
http://www.newhorizon.org/credit-info/the-5-different-kinds-of-bankruptcy/
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http://www.newhorizon.org/Info/debtconsolidation.htm