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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.
However, a standard guideline is that $10,000 or more in debt is enough to consider filing. This is because filing for bankruptcy costs money, and if you have a smaller debt, it may not be worth ...
Advantages of filing for Chapter 13 bankruptcy. While bankruptcy will stay on your credit report for up to seven years, there are multiple reasons you may want to choose Chapter 13 over other options.
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 ...
In fact, Jay Fleischman of Money Wise Law recommends defaulting on a loan before filing for bankruptcy. If you default, filing for bankruptcy can protect your assets from being seized by creditors ...
Many bankruptcy lawyers advise against filing for bankruptcy if you have less than $10,000 in dischargeable debt, particularly because the legal fees and filing costs would outweigh any potential ...
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