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Filing for bankruptcy after you’ve defaulted can protect your assets from being seized by the lender or creditor. How it works depends on the type of bankruptcy you file. Chapter 7
However, to file for Chapter 7 bankruptcy, you’ll need to pass the Chapter 7 means test. This test looks at the last six months of your disposable income to determine if you can afford to pay ...
“Talking to a bankruptcy attorney does not mean you have to file.” Whatever you do, don’t just sit on a mound of debt and anxiety, hoping it will go away. Chances are, it will just snowball ...
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]
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 ...
In Canada, bankruptcy always means liquidation. There is no way for a company to emerge from bankruptcy after restructuring, as is the case in the United States with a Chapter 11 bankruptcy filing. Canada does, however, have laws that allow for businesses to restructure and emerge later with a smaller debt load and a more positive financial future.
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