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Chapter 13 bankruptcy allows people with regular income to repay debts over time, protecting assets and recovering financial stability. To qualify, individuals must meet income and debt limits and ...
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 ...
Determining your eligibility for Chapter 7 or Chapter 13 bankruptcy involves passing a means test based on your income and expenses. The calculations can be complex, and errors might disqualify ...
On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts. This often includes credit card debt, which means some credit card debt may be included in a Chapter 13 repayment plan.
Section 109(h) provides that a debtor will no longer be eligible to file under either chapter 7 or chapter 13 unless within 180 days prior to filing the debtor received an "individual or group briefing" from a nonprofit budget and credit counseling agency approved by the United States trustee or bankruptcy administrator.
The means test is perhaps best recognized in the United States as the test used by courts to determine eligibility for Title 11 of the United States Code Chapter 7 or Chapter 13 bankruptcy. During the Great Depression in the 1930s, the test was used to screen applicants for such programs as Home Relief , and starting in the 1960s, for benefits ...
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