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Missing a Chapter 13 bankruptcy payment can jeopardize the process. However, many trustees understand that financial difficulties can get in the way and are willing to work out an arrangement to ...
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 ...
Some bankruptcy districts allow you to combine your mortgage and car payments into your Chapter 13 payment plan. This option leaves you with one large consolidated payment to make.
[13] In Chapter 12 and Chapter 13 cases, the debtor is usually entitled to a discharge upon completing all payments under the plan. If the debtor fails to complete a required personal finance course after filing a Chapter 13, they will be ineligible for their discharge. Roughly 25-40% of Chapter 13 debts receive a discharge. [14]
Accounting staffers within the Trustee's office review all debtor filings, and monitor trustee and attorney fees in all cases. Attorneys employed by the Trustee represent the office in United States bankruptcy court and pursue civil sanctions for some egregious violations of the law in Chapter 7, 12 and 13 cases.
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 new legislation also requires that all individual debtors in either chapter 7 or chapter 13 complete an "instructional course concerning personal financial management." If a chapter 7 debtor does not complete the course, it constitutes grounds for denial of discharge pursuant to new 11 U.S.C. § 727(a)(11) .
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.
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