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There are two main types of bankruptcy for consumers: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy, or liquidation bankruptcy, is available to individuals who can’t pay ...
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
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.
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 new legislation also requires that all individual debtors in either chapter 7 or chapter 13 complete an "instructional course concerning personal financial management." If a chapter 7 debtor does not complete the course, it constitutes grounds for denial of discharge pursuant to new 11 U.S.C. § 727(a)(11) .
[13] In Chapter 12 and Chapter 13 cases, the debtor is usually entitled to a discharge upon completing all payments under the plan. If the debtor fails to complete a required personal finance course after filing a Chapter 13, they will be ineligible for their discharge. Roughly 25-40% of Chapter 13 debts receive a discharge. [14]
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