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Filing for bankruptcy without legal representation requires careful thought and preparation. While it can reduce costs, the complexities of bankruptcy law can be challenging and risky.
It's sad but true. Americans are increasingly filing for bankruptcy in order to avoid foreclosure. Katherine Porter, a bankruptcy expert at Harvard Law School, estimates that 75 percent of Chapter ...
In particular, filing for bankruptcy will cause an injunction to go into effect, known as an automatic stay. An automatic stay will stop foreclosure proceedings as long as bankruptcy remains in ...
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 ...
When you file for Chapter 7 or Chapter 13 bankruptcy, you will need to attend credit counseling. Your credit counselor will go over your options and help create a plan. Your credit counselor will ...
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