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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.
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 ...
For individuals, there are two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves the liquidation of assets. In Chapter 7, the debtor’s non-exempt assets are sold ...
Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income. [49] [50] As many as 65% of all US consumer bankruptcy filings are Chapter 7 cases.
One of Minnesota's oldest bankruptcy law firms has filed for Chapter 11 bankruptcy protection after losing a five-year legal spat with another bankruptcy law firm over mutual claims of false ...
To get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy. You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 ...
The closures were in Colorado, Kansas, Illinois, Tennessee, Florida, Michigan, and Minnesota. [8] [9] Later that month, Perkins & Marie Callender's Inc. filed for Chapter 11 bankruptcy. PMCI closed 65 restaurants and laid off 2,500 workers. In the bankruptcy proceedings PMCI listed assets of $290 million and liabilities of $441 million.
Some Chapter 13 bankruptcy payments may be changed or suspended depending on the details of your case. You may be able to consolidate payments or adjust the amount you pay in order to make your ...