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There are two main types of bankruptcy: Chapter 7 and Chapter 13. The former is the most common type, and it involves a liquidation of your assets, which go towards discharging most or all of your ...
Chapter 7 is the most common form of bankruptcy, allowing someone to completely eliminate (or liquidate) their debt after a specific amount of time. Chapter 13, on the other hand, restructures ...
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 ...
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 ...
"People misunderstand bankruptcy and wait too long to see a bankruptcy lawyer. ... "In Chapter 13, attorneys can allow for nothing upfront, put all their fees in the repayment plan, and on average ...
Chapter 13 bankruptcy filings hit their highest level in 2010 when they reached 434,739 non-business filings. Filings declined significantly during the COVID-19 pandemic but have begun to rise ...
From there, two potential consequences could occur: a case dismissal or conversion to Chapter 7 bankruptcy. Case dismissal. After one or more missed Chapter 13 payments, the trustee may file a ...
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