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Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
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 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 ...
As part of Chapter 7 bankruptcy, your credit card debt is typically discharged immediately. On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts.
[13] In Chapter 12 and Chapter 13 cases, the debtor is usually entitled to a discharge upon completing all payments under the plan. If the debtor fails to complete a required personal finance course after filing a Chapter 13, they will be ineligible for their discharge. Roughly 25-40% of Chapter 13 debts receive a discharge. [14]
A dishonorable discharge, colloquially referred to as a "duck dinner", is the worst type of discharge in the US military. It can only be handed down to a military member by a general court-martial : dishonorable discharges are rendered by conviction from a general court-martial for exceptionally serious offenses (e.g., treason , espionage ...
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 ...
In some cases, discharge by purchase has also been used as a means to raise funds for military organizations or governments. [10] In the early 20th century, for example, the British Army reportedly raised significant funds by allowing soldiers to purchase their discharge, which helped finance military operations and maintain the force. [11]