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Key takeaways. There is no minimum amount of debt required to file for bankruptcy. Because of legal fees and long-term financial consequences, it may not be worth filing with less than $10,000 in ...
The bankrupt may apply to court at any time for discharge from bankruptcy (provided he has fulfilled his duties), and the court may grant it, either fully or conditionally. [ 19 ] [ 20 ] In the case of first-time or second-time bankrupts, discharge occurs automatically (provided they have attended counselling sessions arranged by the trustee ...
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 ...
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Bankruptcy waiting period. Foreclosure waiting period. Conventional loan. 4 years for Chapter 7 or Chapter 11 (2 years with exceptions); 2 years from discharge or 4 years from dismissal of Chapter 13
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