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“In addition, if a debt collector contacts you about a debt you thought was discharged in bankruptcy, you have on-hand proof.” The paperwork you should keep includes: Bankruptcy petition and ...
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 ...
The frequency of applying for bankruptcy depends on which type of bankruptcy you’re filing, something known as the 2-4-6-8 rule. Filing Chapter 13 after Chapter 13: Two years. Filing Chapter 13 ...
Rather, ask for the debt collection notice they're required to give you within a 5 day period. The amount of time that a debt collector can legally pursue old debt varies by state and type of debt ...
t. e. Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income. According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1] There are exceptions to this rule, however, so a careful examination of one's ...
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 ...
Under Chapter 13 bankruptcy cases, a portion of medical debt may be included in your repayment plan. Once you’ve completed the repayment portion of your bankruptcy case, the remaining debts ...
A Chapter 13 bankruptcy typically stays on your credit reports for seven years from the date you filed the petition. It can lower your credit score by around 130 to 200 points, but the effects on ...