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There are two common types of bankruptcy: Chapter 7 and Chapter 13. ... what it takes to file and consider all the bankruptcy alternatives you could pursue instead, along with their pros and cons.
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.
Key takeaways. Chapter 7 and Chapter 13 bankruptcy are common options for individuals with unmanageable debt. Bankruptcy should only be considered as a last resort after credit counseling.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Meanwhile, Chapter 7 bankruptcy provides a single discharge of all debts and the liquidation of most property. Pros of debt consolidation Consolidating debt with a balance transfer credit card can ...
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7, known as a "straight bankruptcy", involves the discharge of certain debts without repayment. Chapter 13 involves a plan of repayment of debts over a period of years. Whether a person qualifies for Chapter 7 or Chapter 13 is in part determined ...
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