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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 ...
Chapter 13 bankruptcy filings hit their highest level in 2010 when they reached 434,739 non-business filings. Filings declined significantly during the COVID-19 pandemic but have begun to rise ...
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 ...
The United States District Court for the District of Illinois was established by a statute passed by the United States Congress on March 3, 1819, 3 Stat. 502. [4][5] The act established a single office for a judge to preside over the court. Initially, the court was not within any existing judicial circuit, and appeals from the court were taken ...
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 ...
Relief under Chapter 13 is available only to individuals with regular income whose debts do not exceed prescribed limits. [62] 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 ...
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