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Are
there other types of bankruptcies?
A.
There are two: Chapter 9 bankruptcies are for cities,
and Chapter 11 bankruptcies are heavy-duty business
reorganization bankruptcies for larger businesses.
Recent
studies have shown that one out of every four Americans has
outstanding debts of more than $2,000.00, not including home
mortgages. Nearly twenty three (23) cents out of every dollar
in America goes out to pay a debt of some kind. Each year we
pay six cents out of every dollar in finance charges alone.
Many of us pay six cents out of every dollar in finance
charges alone. Many of us pay a major part of our disposable
income just to pay off debts, with very little left over for
other things.
Not
surprisingly many people find themselves with debt problems.
We can help in two ways. First, we can apply legal solutions
to your debt problems under a law entitled Chapter 13.
This law is called An Adjustment of Debts for
Individuals with Regular Income. Secondly, we can provide you
with useful credit management concepts which should help you
avoid future debt problems.
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