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Court filing fees: The standard filing fee for a Chapter 13 bankruptcy is $313. Post-filing debtor education: A debtor education course is also mandatory after filing, and fees generally range ...
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 period.
A Chapter 13 may be best if you have steady income, several nonexempt assets and don’t pass the Chapter 7 means test. Other types of bankruptcy include: Chapter 9 bankruptcy for municipalities ...
In the personal bankruptcy there is a cost associated with filling the paperwork. For Chapter 13 Bankruptcy there is a fee of $281 and for Chapter 7 Bankruptcy it is $306. [1] Additionally there can be other payments required, like Lawyer's fee, Conversion fee, Credit counselling and debtor education fee. [2] [3]
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 ...
The means test is perhaps best recognized in the United States as the test used by courts to determine eligibility for Title 11 of the United States Code Chapter 7 or Chapter 13 bankruptcy. During the Great Depression in the 1930s, the test was used to screen applicants for such programs as Home Relief , and starting in the 1960s, for benefits ...
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