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Bankruptcy is just that, the admission to the local or presiding court that you are no longer to maintain your financial obligations and need the court to intermediate in the situation. There are two main types of bankruptcy cases, Chapter 7 and Chapter 13.

Chapter 7 is generally considered liquidation, meaning the court will liquidate your assets to pay for the bankruptcy and rule you legally insolvent. A Chapter 13 is different, and does not liquidate anything – it is more of a court ordered settlement or restructure of your debts that requires an applicant to make court ordered payments for 4-6 years based upon their financial ability in order to become debt free.

With so many debt relief options, bankruptcy is not an initial goal or plan here at Core Resource Group.

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