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Chapter 13 Also called reorganization, these bankruptcy proceedings set up a repayment plan for your debts. This plan needs to get approved by the court and gives you 3–5 years to repay.
Chapter 13 bankruptcy allows people with regular income to repay debts over time, protecting assets and recovering financial stability. ... During this period, ... Pros and cons of Chapter 13.
There are two main types of bankruptcy: Chapter 7 and Chapter 13. The former is the most common type, and it involves a liquidation of your assets, which go towards discharging most or all of your ...
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 ...
If you filed for Chapter 7 bankruptcy, there’s a four-year waiting period after the discharge or dismissal date of the bankruptcy. For Chapter 13 bankruptcy, there is a two-year waiting period ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
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