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Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
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.
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 ...
Chapter 13 bankruptcy: Chapter 13 allows a distressed debtor who has regular income, and total secured and unsecured debt of no more than $2,750,000, to maintain control of their assets while ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Credit cards, pay day loans, personal loans, medical bills, and just about all other bills are discharged. In Chapter 7, a debtor surrenders non-exempt property to a bankruptcy trustee, who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt.
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