rajshukla
Joined: 03 Jan 2012
Posts: 160
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 Posted: Tue Jan 03, 2012 1:52 pm Post subject: hi |
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After your plan has been confirmed, you are finally ready to jump into your fresh start. At last, you don't have to worry about creditors calling at all hours, getting a foreclosure notice in the mail, or part of your paycheck being taken in a garnishment. However, it is important to remember that in order to keep all these benefits, you must continue to play by the rules.Recent changes to the bankruptcy laws have made it more difficult for borrowers to file bankruptcy. Under the old rules, borrowers could choose the type of bankruptcy that seemed best for them. Therefore most borrowers choose chapter 7 bankruptcy, because if they choose chapter 13 they will have to repay the amount. But the law passed in 2005 prohibits some borrowers with higher incomes from using Chapter 7 bankruptcy. The fact that settlement is often described as a bankruptcy alternative must be sufficient for you to understand that it must be resorted to only when you are at the brink of bankruptcy. You do not go in for bankruptcy alternative and everything is perfectly fine, right?
Suzuki Radiator |
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