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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 ...
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, 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.
Conseco (though not its subsidiary insurance companies) entered Chapter 11 reorganization in 2002 and emerged nine months later in 2003. [ 8 ] [ 9 ] Conseco's bankruptcy was the third largest U.S. Chapter 11 filing at the time, after the bankruptcies of WorldCom Inc. and Enron . [ 10 ]
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 ...
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 ...
In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt. The solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset ...
Chapter 13 bankruptcy, also known as reorganization bankruptcy, is a legal process that allows you to restructure debt to be more manageable. As part of the process, you will be required to pay ...