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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
This means selling your home, vehicle or other property to produce the funds necessary to settle with your creditors. A Chapter 7 filing lasts up to 10 years on your credit, while a Chapter 13 ...
Chapter 13 bankruptcy, or reorganization bankruptcy, allows you to keep your property while reorganizing debts into a manageable repayment plan. In this case, your HELOC becomes part of that plan ...
While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. [4] Therefore, through the process of foreclosure, the lender seeks to immediately terminate (that is, literally foreclose any future use of) the equitable right of redemption and take both legal and equitable title to ...
The willingness of governments to allow lenders to place debtor-in-possession financing claims ahead of an insolvent company's existing debt varies; US bankruptcy law expressly allows this [8] while French law had long treated the practice as soutien abusif, requiring employees and state interests be paid first even if the end result was liquidation instead of corporate restructuring.
While bankruptcy cases are always filed in United States Bankruptcy Court (an adjunct to the U.S. District Courts), bankruptcy cases, particularly with respect to the validity of claims and exemptions, are often dependent upon State law. [41] A Bankruptcy Exemption defines the property a debtor may retain and preserve through bankruptcy.
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