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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. Use ...
Both Chapter 7 and Chapter 13 will bring your credit score down significantly. If you start out with a credit score of 700 or higher, point losses of 200 or more are not uncommon with a bankruptcy ...
Rebuilding your life after bankruptcy – including your credit rating, finances and your emotional well-being – can sometimes seem like an overwhelming task. But if you've recently ...
The concept behind bankruptcy in Canada is that an individual assigns (surrender) everything they own to a trustee in bankruptcy in exchange for the elimination of their unsecured debts. The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt ...
Bankruptcy in the United Kingdom (in a strict legal sense) relates only to individuals (including sole proprietors) and partnerships. Companies and other corporations enter into differently named legal insolvency procedures: liquidation and administration (administration order and administrative receivership).
Debt, and the sheer inescapability of it, is what leads people to file for bankruptcy. The more you have, the worse your situation becomes. Steer clear of taking on any more debt than you already ...