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Exempt property calculations and provisions are determined on a state-by-state basis. 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.
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 ...
The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13, each with unique eligibility requirements and outcomes. While Chapter 7 offers a fast track to debt discharge, it ...
There are lawyers who specialize in bankruptcy law and there are those that practice bankruptcy law as a part of their general practice. Filing for chapter 13 bankruptcy has become so complex over the years, especially due to the 2005 Bankruptcy Code, that very few person are able to successfully file and complete a chapter 13 case.
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 ...
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.
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.
Key takeaways. Chapter 7 bankruptcy involves discharging debt through liquidation. Chapter 13 bankruptcy focuses on reorganizing debt through a repayment plan that typically lasts three to five years.
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