PayingPaul.com Letting Consumers Know Basics of How to File Bankruptcy

Debt is piling up. Your phone rings daily starting at 9:00 AM with 'friendly' reminders that you are behind on your payments, and you feel as if your financial future is spinning out of control. The word "bankruptcy," a word that you never thought would become part of your terminology, is now an everyday thought, and sometimes it seems like the only way out. PayingPaul.com, a website that provides resources and referrals for consumers who need help paying off their debts, is educating consumers about the basics of filing bankruptcy.

PayingPaul.com debt counselor, Johanna Yerby explains, Chapter 7 bankruptcy is considered to be a full discharge option. That means that if the debtor completes the entire process, a detailed repayment plan can be created without the express consent of the creditors if approved by the court system. When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, Yerby says, the debtor will have the chance to repay their debts with little or sometimes even no interest being added to their principle debt. It is basically a restructuring of their outstanding bills. You can keep your belongings and continue to pay on your bills based on the adjusted amounts prescribed by the courts. You will have a total of five years to repay your debt, and you must begin paying within forty-five days from the filing date.

PayingPaul.com advises consumers who are worried about their credit to seek out alternatives.

You need to weigh your options and decide if this is truly the best way to get out of credit card debt or if debt settlement would be a better choice for your specific situation. Of course finding reputable companies and answers to such issues is whole other matter.

PayingPaul.com is an educational website that may provide the answers you are looking for in a confidential format that allows you to research the answers to the questions that plague your thoughts, such as how to file bankruptcy. There are many unscrupulous companies that scam and prey on consumers who are already in a precarious financial situation. PayingPaul.com will provide direction to reputable sources of credit information and debt management services.

Don't make a hasty decision or one made under duress because of the emotional strain you are under with your financial burden. PayingPaul.com provides a wealth of knowledge and concise answers to universal questions that you have regarding your monetary situation. These responses are available in a confidential setting that allows you to view alternative solutions and investigate clarification for your circumstances.