People in all parts of the world are being faced with bankruptcy every year. There are many reasons why people go bankrupt. One of the major reason being mortgages and loss of an income generating activity. Divorce, though not normally considered as a major cause of insolvency can cause real damage financially.
There are signs that help individuals to know that they are in a dangerous position that requires them to file for insolvency. In case one has had severe financial setback in recent years and they cannot budget themselves out of debt, then it is clear that they should consider insolvency as an option to help them out financial distress.
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Bankruptcy does not cover all types of debts such as alimony. This is the money that is paid to a former spouse after a separation or a divorce. Other secured debts include payments towards child support which mainly happens after parents have divorced or in case of a child being born out of wedlock. The financial distress plan cannot cover payment of luxurious commodities bought within ninety days after filing the petition in court. Fraud is a serious case which can easily lead to imprisonment as such debt acquired out of fraud cannot be covered in the petition.
Insolvency is filed under chapter 7 in the U.S or under the wage earner which is chapter 13. The law chapter provides that all debts apart from the secured ones such as mortgage payments towards a spouse after separation or payment toward child support will be declared after filing a petition. Insolvency also allows one to make a repayment plan under the wage earner law.
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