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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 ...
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 ...
Sometimes chapter 7 bankruptcy is referred to as "straight bankruptcy" or "liquidation bankruptcy", but these terms are basically a holdover from the past and are not helpful and are misleading. Basically, chapter 7 bankruptcy provides for the discharge of dischargeable debt, which does not include non-dischargeable debt, such as most student ...
The new legislation also requires that all individual debtors in either chapter 7 or chapter 13 complete an "instructional course concerning personal financial management." If a chapter 7 debtor does not complete the course, it constitutes grounds for denial of discharge pursuant to new 11 U.S.C. § 727(a)(11) .
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 ...
A Chapter 13 or reorganization bankruptcy involves creating a plan to repay your creditors, taken from your earnings, at a percentage of what you owe them — up to 100 percent.
United States bankruptcy courts are courts created under Article I of the United States Constitution. [1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
Once you move forward with Chapter 7 or Chapter 13 bankruptcy, four possible scenarios might play out. All of your student loans and other debts are discharged. Your loans are partially discharged.