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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Having a bankruptcy on your record can feel financially restricting. Declaring bankruptcy can cause your credit score to drop significantly and will stick around on your credit report for up to 10...
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.
Buying a new house or apartment can offer a way to be closer to friends and family, stay independent and get the most out of your retirement savings. If you currently rent, buying a home may also ...
Chapter 13 bankruptcy, known as reorganization bankruptcy, allows you to retain some of your assets while paying back your creditors over a set period of time, typically a three-to-five-year period.
Filing for bankruptcy: No one likes the idea of filing for bankruptcy. But if you go this route, the funds in your 401(k) are protected. Because assets can’t be easily liquidated like a savings ...
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 ...
Pros of buying a house under an LLC. Asset separation: This is a primary benefit of doing any kind of business as an LLC, whether it’s real estate–related or not. “An LLC protects its owners ...