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Bankruptcy should be used as a last resort, and some alternatives, like credit counseling, may be necessary before you can file. You may also want to look into professional debt relief options ...
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.
For example, federal or state income taxes with a return due at least three years prior to filing may be eligible under Chapter 7. This three-year timeline includes any extensions you may have ...
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]
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
The study found that "about half" of bankruptcy filers in the year 2001 cited out-of-pocket medical bills in excess of $10,000 as a major contributor to bankruptcy (the average bankruptcy filer in this study was a 41-year-old woman with a median income of $25,000, slightly below the personal income average for that year). [28]
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