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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 ...
The United States Trustee Program is a component of the United States Department of Justice that is responsible for overseeing the administration of bankruptcy cases and private trustees. [1] The applicable federal law is found at 28 U.S.C. § 586 and 11 U.S.C. § 101 , et seq.
The United States District Court for the District of Michigan was established on July 1, 1836, by 5 Stat. 61, with a single judgeship. [2] The district court was not assigned to a judicial circuit, but was granted the same jurisdiction as United States circuit courts , except in appeals and writs of error, which were the jurisdiction of the ...
Chapter 13 bankruptcy fees. Chapter 13 bankruptcy fees include court filing fees, attorney fees and trustee fees, as well as additional costs for required credit counseling and debtor education ...
Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows certain debts to be discharged without giving up important assets. However, one of the major caveats of this legal process is ...
The bankruptcy judges in each judicial district in regular active service constitute a "unit" of the applicable United States district court (see 28 U.S.C. § 151). The bankruptcy judge is appointed for a renewable term of 14 years by the United States Court of Appeals for the circuit in which the applicable district is located (see 28 U.S.C ...
The court can dismiss your case and refile a different Chapter 13 bankruptcy as a last resort. You may go this route if you cannot keep up with your Chapter 13 payment plan and aren’t a good fit ...
In a Chapter 13 Bankruptcy ("Reorganization") the trustee is responsible for receiving the debtor's monthly payments and distributing those funds proportionally to the debtor's creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor's interests are maintained in accordance with ...