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Chapter 13 bankruptcy: The basics. Chapter 13 bankruptcy lets you reorganize and repay your debts over three to five years. You make monthly payments to a trustee through a court-approved ...
The Standing Trustees are responsible for the administration of all Chapter 13 cases filed in their judicial district. If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens.
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 ...
The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by state. Chapter 13 bankruptcy does not put your vehicle at risk, and you will continue to make payments under a ...
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.
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.
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
Advising you on what sort of bankruptcy to opt for (the two main types are Chapter 7 and Chapter 13). Counseling you about what property you might be able to hold on to. Provide input on the tax ...