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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Step 2: Choose Your Payment Method. The IRS provides several payment options. You can set up Direct Debit for automatic monthly payments from your checking account, which is often the most ...
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
There are some occasions when the borrower is exempted from paying any tax on the forgiven mortgage loan amount. Some of the exceptions are as follows: [5] Qualified principal residence indebtedness – This exception has been offered under the Mortgage Debt Relief Act of 2007 and it is valid on most of the mortgage borrowers. Insolvency – An ...
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 ...
A "presumption of abuse" will arise if: (1) the debtor has at least $182.50 in current monthly income available after the allowed deductions (this equals $10,950 over five years) regardless of the amount of debt, or (2) the debtor has at least $109.59 of such income ($6,575 over five years) and this sum would be enough to pay general unsecured ...
Chapter 13, on the other hand, restructures debt through a repayment plan, allowing you to keep some of your assets and pay back your debt over time. If you filed for Chapter 7 bankruptcy, there ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]