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<p>[QUOTE=&quot;Clawcoins, post: 2644548, member: 77814&quot;]Though it sounds like fun, Chapter 7 bankruptcy allows one (or a couple) to shelter about $11,000 in assets (excluding exemptions), all other nonexempt assets can be sold to pay creditor claims.&nbsp; The creditors have a right to acquire assets that you do not identify to shelter.</p><p><br /></p><p>Then it stays on your credit report for up to 10 years, even though around 7 it may drop off.&nbsp; You then are limited to things you can buy on credit for a while, like a car or a house. And you may pay a high risk rate to obtain any type of financing.</p><p><br /></p><p>Chapter 13 allows you to create payment plans for 3 to 5 years.&nbsp; of course, you pay additional lawyer fees as I think you have to be reviewed every 4 to 6 months after filing.</p><p><br /></p><p>I&#039;m not a bankruptcy expert though.&nbsp; But it&#039;s not fun.&nbsp; Sticking creditors with a loss doesn&#039;t sound like fun either because of all the backside negatives about it.</p><p><br /></p><p>The good news is though that the federal homestead exemption allows you to protect your burial plot.[/QUOTE]</p><p><br /></p>

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