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After one or more missed Chapter 13 payments, the trustee may file a “motion to dismiss for material default.” ... A Chapter 7 filing lasts up to 10 years on your credit, while a Chapter 13 ...
Chapter 13 bankruptcy allows people with regular income to repay debts over time, protecting assets and recovering financial stability. To qualify, individuals must meet income and debt limits and ...
Chapter 13: This type of bankruptcy follows a strict three- to five-year settlement payment arrangement structured by a bankruptcy attorney. You get to keep your assets with this bankruptcy type.
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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 ...
As things stand, should anyone filing for bankruptcy fail to meet the Internal Revenue Service regulated ‘means test', they would instead be shelved into the Chapter 13 debt restructuring plan. Essentially, Chapter 13 bankruptcies simply tell borrowers that they must pay back some or all of their debts to all unsecured lenders. Repayments ...
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