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The new law adds a number of new requirements for bankruptcy filers that attempt to make the filing process more difficult and costly. These additional requirements include: Additional filing requirements and fees. The new law increases the amount of paperwork involved in filing and raises the filing fees.
When filing for bankruptcy, the goal is to eliminate as much debt as possible and get a fresh financial start. As part of this process, several types of debts will be discharged immediately or at ...
The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt) certain property. Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family heirlooms , and some insurance.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend credit counseling. Your credit counselor will go over your options and help create a plan. Your credit counselor will ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
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 ...
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