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Chapter 7: In a Chapter 7 bankruptcy filing, some of your assets are sold to pay back debt, meaning you could lose your home and personal property. A few months after filing, your remaining debt ...
Here are some of the actions to take if you think you may be late or unable to make payments: Reach out to your bankruptcy trustee and request more time to catch up. Notify your attorney if you ...
You want to show lenders that you can pay back debts such as your mortgage and that you can maintain a reliable, steady stream of income through a job. In addition, many lenders consider 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); 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 and ...
If it is valued at more than the exemption limit, the bankruptcy trustee may choose to sell your car to pay your creditors. For example, you would be able to keep a car valued at $3,500 if your ...
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
Both Chapter 7 and Chapter 13 will bring your credit score down significantly. If you start out with a credit score of 700 or higher, point losses of 200 or more are not uncommon with a bankruptcy ...
Here are some common reasons you might file for Chapter 13 after filing for Chapter 7. Back taxes: If you discharge all your debts but still have back taxes that weren’t dischargeable, chapter ...