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Pros and cons of Chapter 13. While Chapter 13 bankruptcy offers significant benefits, it also comes with challenges. Evaluating the pros and cons of Chapter 13 is crucial to understanding whether ...
Chapter 13 bankruptcy, known as reorganization bankruptcy, allows you to retain some of your assets while paying back your creditors over a set period of time, typically a three-to-five-year ...
Attorneys who dabble in a little of everything are likely not aware of the granular aspects of bankruptcy law or up to speed with the latest legal developments in this area of practice.
Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined by income. [49] [50] As many as 65% of all US consumer bankruptcy filings are Chapter 7 cases.
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 ...
Vorys, Sater, Seymour and Pease LLP is an international law firm based in Columbus, Ohio.With approximately 375 attorneys working out of offices in California, Ohio, Pennsylvania, Texas, Washington, D.C., London, and Berlin, the firm is among the largest 150 law firms in the United States, according to American Lawyer.
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