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This is important within the bankruptcy process, and may affect an individual's decision to file Chapter 7 or Chapter 13 bankruptcy. State exemptions vary from strict to generous. For example, Texas is more lenient in allowing your homestead and up to $60,000 in personal property. [1] Texas also exempts certain investments and insurance policies.
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 offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
Certain scholars and politicians have advocated for a reform of the law to allow states to seek bankruptcy. [6] [3] [4] They argue that the law will require voluntary consent by the state and will not give the federal government or creditors the power to force a bankruptcy; therefore it would not interfere with state sovereignty or be unconstitutional.
Chapter 13 Also called reorganization, these bankruptcy proceedings set up a repayment plan for your debts. This plan needs to get approved by the court and gives you 3–5 years to repay.
The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
Prior to the BAPCPA Amendments, debtors of all incomes could file for bankruptcy under Chapter 7. BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state.
Once you move forward with Chapter 7 or Chapter 13 bankruptcy, four possible scenarios might play out. All of your student loans and other debts are discharged. Your loans are partially discharged.
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