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<td colspan="5" align="left" valign="top" width="72"><a href="../index.htm"><img src="../99images/mainbanr.gif" width="600" height="72" alt="Consumer Credit Counseling Service" border="0"></a></td>
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<td width="72" align="right" height="11"><font face="Arial, Helvetica, sans-serif" size="3"><b><br>
<font color="#17551D">CCCS</font></b></font></td>
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<td colspan="3" align="left" height="11"><font face="Arial, Helvetica, sans-serif" size="2"><br>
<font color="#17551D">A Service of Family Guidance Center Corporation</font></font></td>
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<td width="31%" valign="top" height="499"><font face="Arial, Helvetica, sans-serif" size="2"><b><font size="3" color="#CC3300">Bankruptcy</font></b><br>
<br>
According to financial expert and award-winning journalist Terry Savage,
who recently teamed with the National Foundation for Consumer Credit
to offer consumers advice on successful financial management, "Bankruptcy
does not wipe your credit slate clean and give you a fresh start.
Bankruptcy should be a last resort to solving financial problems --
when the mountain of debt is so great and the creditors so unrelenting
that no other accommodation can be reached."<br>
<br>
<b>Consider these facts: </b><br>
<font color="#FF0000">*</font> When you file for bankruptcy, it stays
on your credit report for up to ten years. <br>
<font color="#FF3333">*</font> You'll have difficulty getting future
credit such as mortgage loans. <br>
<font color="#FF0000">*</font> Any credit you get will probably cost
you more in terms of interest rates and fees charged. <br>
<font color="#FF0000">*</font> Alimony, child support, and most taxes
survive bankruptcy and will still be owed. <br>
<font color="#FF0000">*</font> Bankruptcy can affect your ability
to get a job, because many employers obtain a credit report when assessing
job qualifications. As of October 1997, changes in the law require
your consent for this. <br>
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<p><font face="Arial, Helvetica, sans-serif" size="2"><b><font size="3" color="#CC3300">Chapter
7 & 13</font></b><br>
<br>
</font><font face="Arial, Helvetica, sans-serif" size="2"><b>Chapter
7</b> <br>
Chapter 7 bankruptcy is referred to as "straight bankruptcy."
The rules that apply to this chapter are found in Chapter 7 of the
bankruptcy code. It is also known as "liquidation" because
the debtor's unprotected assets are liquidated or converted to cash
by a trustee who is appointed by the court to disburse the funds
to the debtor's creditors to repay part of the debt owed. Any person,
partnership, and most corporations can file Chapter 7.</font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2"> <b>Chapter
13</b><br>
Chapter 13 is the chapter of the bankruptcy code which affords the
debtor the opportunity to repay all or part of his debts over an
extended time period. This type of plan requires that the debtor
have a consistent income to make future payments for the duration
of the plan. Chapter 13 is designed for consumers who need relief
from their creditors and the collection activity to reorganize their
debts and come up with a plan to repay them. In this chapter, the
debtor is allowed to keep basically all of his assets, including
those not exempt and not mortgaged.<br>
<br>
Both types of bankruptcy may get rid of debts where creditors have
no specific rights to property and stop foreclosures, utility shut-offs,
repossessions, garnishments and debt collection activities.</font></p>
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<p><font face="Arial, Helvetica, sans-serif" size="2"><b><font size="3" color="#CC3300">The
Last Resort</font></b><br>
<br>
Think about bankruptcy as a last resort. There are a number of alternative
ways to fix your finances without risking your credit rating. Rather
than trying to avoid your creditors, talk to them. Let them know
that you'd like to work out a plan to begin paying off your debt.
Call a credit counseling agency for help in setting up a Debt Management
Plan. A qualified agency can talk to your creditors and help reduce
your monthly payments, interest charges, and phone calls from creditors.
<br>
<br>
Contact us at 888-379-0604 to find out about CCCS's financial counseling
and debt repayment programs.</font></p>
<p><font face="Arial, Helvetica, sans-serif" size="2">If you need
legal advice on filing bankruptcy, contact your local bar association
for a referral. If you don't have the money to pay for an attorney,
you can contact legal aid services, a university law school with
a legal assistance program, or your local bar association for a
referral to an attorney who can help you free of charge. Look for
an attorney who is state-certified or certified in bankruptcy practice.</font></p>
<p><font face="Arial, Helvetica, sans-serif" size="1"><i>Adapted with
permission from the site of the National Foundation for Consumer
Credit</i> <br>
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