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Chapter 7 bankruptcy
- Chapter 13 Bankruptcy
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If you file for Chapter 7 bankruptcy, you may be able to keep your home, especially if you have a relatively low amount of equity. If you file for Chapter 13 bankruptcy, you’re more likely to ...
Declaring bankruptcy isn't your only option. Read on to explore a few other choices that may provide better outcomes for your financial situation. Before You File for Bankruptcy, Consider These 3 ...
Filing for bankruptcy should be a last resort, but it can help. Chapter 7 requires a means test but will eliminate most of your debt, and you may see a rebound in your credit score in just a few ...
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 ...
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 ...
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