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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.
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 ...
How your bankruptcy will play out depends on the type of bankruptcy you file. A trustee is typically appointed to take over your property and assess it for resale during Chapter 7 bankruptcy.
Three states (Colorado, Illinois, and Oregon) grant a very limited authorization to file for bankruptcy. Illinois, for example, only grants Chapter 9 authorization to the Illinois Power Agency. A total of 12 states authorize Chapter 9 upon conditions met and further action of state, officials or other entity; and the remainder (12) specifically ...
When you file for Chapter 7 bankruptcy, many of your assets (like your home or car) are sold to pay off as much of your debt as possible. The rest of your debt is then discharged.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
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