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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]
Personal bankruptcies were up 16% in October from a year ago, as more Americans are seeking debt relief. But those struggling to stay financially afloat should consider the option sooner rather ...
When financial troubles mount and debts are piling up, filing for bankruptcy protection may be a last resort option. Personal bankruptcy filings usually involve Chapter 7 or Chapter 13, but when ...
Credit cards, pay day loans, personal loans, medical bills, and just about all other bills are discharged. In Chapter 7, a debtor surrenders non-exempt property to a bankruptcy trustee, who then liquidates the property and distributes the proceeds to the debtor's unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt.
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 ...
A debt consolidation loan is a personal loan that you use to pay off other debt, usually from credit cards. Debt consolidation loans typically have low fixed interest rates and terms lasting ...
Debt relief: Bankruptcy can discharge most unsecured debts, such as credit card debt, medical bills and personal loans. This can provide you with a fresh financial start. This can provide you with ...
Unsecured debts are sometimes called signature debt or personal loans. [2] These differ from secured debt such as a mortgage , which is backed by a piece of real estate. In the event of the bankruptcy of the borrower, the unsecured creditors have a general claim on the assets of the borrower after the specific pledged assets have been assigned ...