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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 ...
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 ...
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) .
Chapter 13 bankruptcy, also known as reorganization bankruptcy, is a legal process that allows you to restructure debt to be more manageable. As part of the process, you will be required to pay ...
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 ...
[24] [25] Prosecutors said that from December 1989 through 1990, Ward received about $5,000 a month for a total of $57,500, from Luckey Police Products, a Fort Lauderdale, Florida-based company that was a major producer and supplier of pepper spray. The payments were paid through a Florida company owned by Ward's wife. [26]