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Remains on your credit report for seven to 10 years. You also have a limited ability to file. Chapter 13 can only be completed once every two years, and Chapter 7 can only be completed once every ...
Depending on your score before you file, it could drop as much as 150 points or more and stay on your credit report for up to 10 years. Building up your credit score after bankruptcy will take ...
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.
So, to help you figure out the best path for you, here are 10 things you should know before filing for bankruptcy. SEE ALSO: 10 Things You Must Know About Filing for Unemployment Benefits.
The study found that "about half" of bankruptcy filers in the year 2001 cited out-of-pocket medical bills in excess of $10,000 as a major contributor to bankruptcy (the average bankruptcy filer in this study was a 41-year-old woman with a median income of $25,000, slightly below the personal income average for that year). [28]
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 ...
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