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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 ...
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 ...
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 ...
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]
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]
Chapter 13 bankruptcy, known as reorganization bankruptcy, allows you to retain some of your assets while paying back your creditors over a set period of time, typically a three-to-five-year period.
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