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By the time the average person is ready to declare bankruptcy, they've probably done everything they can to deal with a looming financial crisis. Often unexpected life events and crises lead to the...
Chapter 13 bankruptcy, known as a “wage earner’s plan,” is a popular route for individuals who want to repay their debts while keeping more assets. Unlike Chapter 7 bankruptcy, which ...
Chapter 13 bankruptcy With a Chapter 13 bankruptcy , some unsecured debts may be forgiven. However, remaining debts are reorganized and set up to be repaid over a specific length of time, usually ...
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 ...
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
Missing a Chapter 13 bankruptcy payment can jeopardize the process. However, many trustees understand that financial difficulties can get in the way and are willing to work out an arrangement to ...
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