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Personal bankruptcy filings averaged about 750,000 a year before COVID-19, but dropped off a cliff during the pandemic, thanks to government aid. "It was very consistent from 2014 to 2019 ...
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
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 goal of declaring bankruptcy varies, but usually involves the dissolution of burdensome unsecured debt (as in Chapter 7 bankruptcy) or debt restructuring or repayment (as in Chapter 11 or ...
On July 13, 2015, DonJon filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Connecticut with a debt of $32,509,549.91. Modern bankruptcy law often distinguishes reorganization , in which only some of the bankrupt's assets are taken, a repayment plan is devised and part of the debt is discharged , from ...
How improvement and DIY chain True Value has filed for bankruptcy, and will be sold to a competitor, and in the process, has put the fate of 110+ Pennsylvania True Value locations — including ...
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