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The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13, each with unique eligibility requirements and outcomes. While Chapter 7 offers a fast track to debt discharge, it ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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 ...
Before You File for Bankruptcy, Consider These 3 Alternatives. Steve Strauss, The Motley Fool. October 19, 2024 at 7:30 AM. A couple looks at paperwork worriedly inside. Image source: Getty Images.
The new law adds a number of new requirements for bankruptcy filers that attempt to make the filing process more difficult and costly. These additional requirements include: Additional filing requirements and fees. The new law increases the amount of paperwork involved in filing and raises the filing fees.
Helping you decide whether to go ahead with a bankruptcy filing in the first place. Advising you on what sort of bankruptcy to opt for (the two main types are Chapter 7 and Chapter 13).
If you decide not to file for bankruptcy, a credit counselor can still create a debt management plan for you. Similar to Chapter 13, a debt management plan is a systematic approach to paying off ...
Bankruptcy exemptions are available only to individuals filing bankruptcy. [43] There are two alternative systems that can be used to exempt property from a bankruptcy estate, federal exemptions [44] (available in some states but not all), and state exemptions (which vary widely between states). For example, Maryland and Virginia, which are ...