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A Chapter 13 payment plan doesn’t have a grace period. Thirty days after your Chapter 13 filing date, you are required to begin making plan payments to the bankruptcy trustee for your case.
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
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 ...
Missing a Chapter 13 bankruptcy payment can jeopardize the process. However, many trustees understand that financial difficulties can get in the way and are willing to work out an arrangement to ...
Prior to the BAPCPA Amendments, debtors of all incomes could file for bankruptcy under Chapter 7. BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state.
A Chapter 7 is generally best for those with minimal disposable income, few assets and a significant amount of dischargeable debt. Chapter 13 bankruptcy (debt restructuring): A Chapter 13 ...