Chapter 7 and Chapter 13 are the two most common
types of bankruptcy filing among consumers.
What happens to your money, assets and debt owed depends on
the type of bankruptcy you file.
Depending on
the type of bankruptcy filed, this may include relief from car loans and that often means turning the car back to the bank that financed it.
You'll be unable to refile bankruptcy for two to eight years depending on which
type of bankruptcy you file.
When the discharge occurs depends on
the type of bankruptcy you file.
The different
types of bankruptcies filed are Chapter 7, Chapter 13, Chapter 11, and Chapter 12.
The cost will depend on
the type of bankruptcy you file and what part of the country you live in.
No matter which
type of bankruptcy you file, some tax debts can not be cleared.
Bankruptcies fall off between seven to 10 years depending on
the type of bankruptcy you filed.
Any individual person (not a corporation or partnership) is eligible for Chapter 13 relief as long as the amount of their debts does not go above $ 307, 675 for unsecured debts (those with no collateral) and $ 922, 975 for secured debt and they are earning wages that cover more than their reasonable living expenses.The person must also have received credit counselling from an approved agency within the 180 days prior to filing and had not been dismissed from
another type of bankruptcy filing in this time period.
When an owner files for bankruptcy, he or she is allowed to keep the homestead exemption in full, and depending on what
type of bankruptcy filed, any unsecured debt like the attachment of a lien through judgment may be rendered non-collectable by the bankruptcy court.
Many laymen do not realize that filing bankruptcy is a process that can take years to complete, depending on
the type of bankruptcy filed.
The time it takes to go through the bankruptcy process all depends on
the type of bankruptcy you file, but typically a Chapter 7 can be finished within 180 days and any type of reorganization plan can take up to five years.
Moreover, the negative entry stays on credit report for 7 - 10 years depending on
the type of bankruptcy you file, thereby making it difficult to qualify for new loans and credit for the next 1 to 5 years.
It all depends on
the type of bankruptcy you file and whether or not you are filing a no asset case.
Depending on
the type of bankruptcy filed, these three different types of claims are prioritized according to bankruptcy laws.
No matter which
type of bankruptcy you file for, it'll have a negative effect on your credit score for seven to 10 years after filing.
This type of bankruptcy filing is best for those that don't have assets or have assets that are not valuable enough for the creditors to file against.
In this case, the word «chapter» refers to
the type of bankruptcy filed.
In
this type of bankruptcy filing, your debts are discharged.
To some extent, which
type of bankruptcy you file depends on your situation.
Regardless of
the type of bankruptcy you file, you will need to appear at the meeting of creditors.
Not only is there differences in the bankruptcy process because of state and territorial laws and rules and procedures of the district courts, but where you live can influence what
type of bankruptcy you file.
Depending on
the type of bankruptcy filed, it should naturally be removed from your credit after seven to 10 years.
Credit Report — Depending on
the type of bankruptcy filed, the record will remain on your credit report for years.
Even if you have to wait the full period associated with
the type of bankruptcy filed, this gives you the opportunity to get finances in order and start fresh.
If you have already received a bankruptcy discharge in the last six to eight years (depends on
the type of bankruptcy you filed), if a previous Chapter 7 or Chapter 13 case was dismissed within the past 180 days, if you have enough income to feasibly satisfy a Chapter 13 plan, or if the bankruptcy court finds that you have tried to cheat your creditors or concealed your assets, then you won't be able to file for Chapter 7 bankruptcy discharge.
Please note that no matter which
type of bankruptcy you file, you can only file for bankruptcy once every seven years.
Depending on
the type of bankruptcy you file, you may have a variety of hearings where you negotiate with your creditors.
Keep in mind that how your credit will be affected will depend on a number of factors, such as where your credit level is at today and which
type of bankruptcy you file.
Chapter 13 is a specific
type of bankruptcy filing and it could be just the solution that you need.
If you have an asset where the borrower decides to file BK, there are several potential outcomes based on the characteristics of the borrower and the underlying asset when they actually file for BK and
the type of Bankruptcy they file for (whether it's Ch.
Not exact matches
At the date
of the
bankruptcy filing, Apollo owned 98 %
of the shares and about 28 %
of three
types of the company's debt.
There are several
types of bankruptcy for which individuals or married couples can
file, the most common being Chapter 7 and Chapter 13.
Your missed payments and most
types of public record items will remain on your credit report
file for 7 years, with the exception
of Chapter Seven, Eleven and Twelve
bankruptcies, which remain for ten years, and tax liens that remain unpaid, which will remain on your credit
file for up to fifteen years.
That's because there are rules restricting when you can
file for a second
bankruptcy, which differ depending on the
type of filing.
It is important to mention that if you have
filed for
bankruptcy even these
types of lenders will probably not lend to you either and you may have to wait a few years until your
bankruptcy has been discharged.
If you're considering
filing for
bankruptcy but don't know where to start, here are the different
types of bankruptcy and how to
file for each.
This
type of bankruptcy remains on your report for 10 years from the
filing date.
There are two
types of bankruptcy that most individuals can
file for — Chapter 7 and Chapter 13.
This waiting period can vary depending on what
type of bankruptcy you have
filed for.
The
type of bankruptcy an individual should
file is an important legal decision, one that should be made in consultation with an experienced
bankruptcy attorney.
The
type of bankruptcy that one chooses to
file also affects the amount
of property one may keep.
Finally, you may be unable to
file for the
type of bankruptcy that discharges your debt without requiring monthly payments.
He or she will be able to assess your financial situation, guide you through the
bankruptcy exemptions applicable to where you live and what
types of debt you have, and advise you on whether to choose to
file for Chapter 7 or Chapter 13
bankruptcy protection.
Many
types of applications will ask if you've ever
filed bankruptcy and you're expected to answer honestly, even years after
bankruptcy has been removed from your credit record.
There are two
types of bankruptcies most individuals can
file - a Chapter 7 or a Chapter 13.
In excess
of 100,000 Canadians each year have to
file some
type of bankruptcy protection — either a consumer proposal or personal
bankruptcy.
Certain
types of debts are not discharged by
filing Chapter 7 or Chapter 13
Bankruptcy.
The decision to
file bankruptcy can be a difficult one and after the process
of reviewing your finances and goals you will need to determine which
type of bankruptcy is right for you.