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Chapter 7 bankruptcy, or liquidation bankruptcy, is available to individuals who can’t pay off their unsecured debt, like credit card bills or personal loans. When you file for Chapter 7 ...
With a Chapter 7, your unsecured debts -- like credit card and medical debt -- are completely wiped out. Secured debts, like car and home loans, can either be retained and re-upped or given back ...
Here, you would combine all of your different debts into one manageable payment and the debt relief agency you are working with would work with all of your creditors to take the payment they arrange.
In particular, you should be aware of how the service may affect your credit score, taxes and future loan or credit card applications. By knowing how debt forgiveness works, you can make a more ...
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.
Filing for bankruptcy should be a last resort, but it can help. Chapter 7 requires a means test but will eliminate most of your debt, and you may see a rebound in your credit score in just a few ...
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