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A reaffirmation agreement allows you to modify the terms of your loan to make repayment easier during and after Chapter 7 bankruptcy. A car loan will allow you to keep your vehicle as long as you ...
However, there are ways to get approved for an auto loan even with a Chapter 7 or Chapter 13 bankruptcy on your record. Can You Get a Car Loan after Bankruptcy? Yes, you can get a car loan after ...
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 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]
Filing Chapter 13 immediately after Chapter 7 is also referred to as Chapter 20 bankruptcy. You won’t receive a discharge when filing Chapter 20 since you aren’t waiting the full four years.
People with steady income and personal property they want to keep may benefit more from Chapter 13 than with Chapter 7. Because it has a major impact on your credit, Chapter 13 should only be used ...
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