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Chapter 7 involves liquidating assets to quickly pay off debts, while Chapter 13 allows for a structured repayment plan to manage debts without losing assets over time. ... or a cash-out refinance ...
While Chapter 7 offers faster relief, Chapter 13 can be better suited for those seeking to manage their debt while retaining essential assets. Pros and cons of Chapter 13
Late payments: A Chapter 7 bankruptcy allows the holder of your mortgage to foreclose, while Chapter 13 will give you more time to catch up on your mortgage payments, as you’re typically allowed ...
The main difference between Chapter 7 and Chapter 13 is that in a Chapter 7 process, the court can liquidate your nonexempt assets to pay your outstanding debts. This means selling your home ...
A bankruptcy will make it harder to get loans or credit in the future, and your rates will be higher if you do qualify. Chapter 7 bankruptcy can stay on your credit reports for 10 years, while ...
3 years for Chapter 7; 1 year for Chapter 13 3 years Many lenders require a seven-year waiting period after a bankruptcy or foreclosure before they will lend to a borrower again.
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