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The main difference between Chapter 7 and Chapter 13 is that in a Chapter 7 process, the court can liquidate your nonexempt assets to pay your outstanding debts. This means selling your home ...
Court filing fees: The standard filing fee for a Chapter 13 bankruptcy is $313. Post-filing debtor education: A debtor education course is also mandatory after filing, and fees generally range ...
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 ...
Chapter 13 bankruptcy, also known as reorganization bankruptcy, is a legal process that allows you to restructure debt to be more manageable. As part of the process, you will be required to pay ...
Instead, the de facto official source for opinions of the bankruptcy courts is West's Bankruptcy Reporter, published privately by Thomson West. Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 ...
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
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