Three Rivers Bankruptcy
                                                Bankruptcy can help solve serious financial Problems

Bankruptcy gives you a fresh start
     Bankruptcy is a choice that may help if you are facing serious financial problems. A bankruptcy can cancel your debts, stop collection calls, law suits and garnishments. Bankruptcy can help you start over again without the burden of debt. If you choose bankruptcy, you should take advantage of the fresh start it offers and then make careful decisions about future borrowing and credit, so that you won't ever need to file bankruptcy again in the future.

Bankruptcy and your Credit Reports  
     Your bankruptcy will be a part of your credit report for 10 years . The 10 years are counted from the date you file your bankruptcy. This does not mean that you can't get a house, a car, a personal loan or a credit card for 10 years. Often, persons find that their credit has actually improved by filing bankruptcy since all their debts and interest rate burden have been cancelled and they now have enough disposable income to make monthly loan payments.

Not all debts are cancelled by a bankruptcy
      When your bankruptcy is completed, most of your debts will be "discharged". This means they are cancelled and you are no longer legally obligated to pay them. 
      However, the following debts are generally not discharged by the bankruptcy:
                                              Child support
                                              Student loans
                                              Money obtained by fraud
                                              Most taxes
                                              Criminal fines, penalties, and restitution orders
                                              Personal injury caused by drunk driving

There are two main bankruptcy types.
        In Chapter 7 bankruptcy most your debts will be discharged after 90 days. In a Chapter 13 your must repay a part of your debts over a period of 3-5 years. To learn more about Chapter 7 and Chapter 13 bankruptcy and which one may be right for you, click on the above tab.

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