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Chapter 13 bankruptcy, also called a reorganization, is a legal process that allows you to restructure your debt to be more manageable based on your finances. With the help of an attorney, you ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances. Use ...
Decide if you will file for Chapter 7 or Chapter 13 bankruptcy. ... The main goal of this form and review process is to ensure consistency and equity when courts handle student loan bankruptcy ...
Relief under Chapter 13 is available only to individuals with regular income whose debts do not exceed prescribed limits. [61] If the debtor is an individual or a sole proprietor, the debtor is allowed to file for a Chapter 13 bankruptcy to repay all or part of the debts. Secured creditors may be entitled to greater payment than unsecured ...
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
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