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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 ...
Skipping a Chapter 13 plan payment can negatively impact your Chapter 13 case. If you miss a payment under the plan, the court can decide to dismiss your case or change your bankruptcy case to ...
A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
The Bankruptcy Judge rejected these arguments. Marrama appealed to the Bankruptcy Appellate Panel for the First Circuit, which affirmed the lower court's ruling. [3] On appeal from the panel, the full First Circuit Court of Appeals affirmed, rejecting the argument that §706(a) gives a Chapter 7 debtor an absolute right to convert to Chapter 13 ...
It was in the Bankruptcy Act of 1898 that the modern system of bankruptcy law in the United States was established. This law provided for both voluntary and involuntary bankruptcy and allowed for the discharge of certain debts. The 1898 Act also established bankruptcy courts and created the position of a bankruptcy trustee to oversee bankruptcy ...
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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