Bankruptcy Records
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Types of Bankruptcy
Bankruptcy is a procedure that is designed to relieve debt to consumers who have fallen on hard financial times and cannot afford to pay their existing debts.
While there are many types of bankruptcy out there, the most commonplace are chapter 7 bankruptcies and chapter 13 bankruptcies of the bankruptcy code.
Chapter 7 is the most common for the individual.
It is the complete erasing of qualifying debt. The debtor is then released from all repayment obligations. But chapter 7 bankruptcies are not to be taken lightly.
While giving you an immediate fresh start in repairing your finances, it remains on your credit report for 10 years. You will be looked at as a high credit risk and financially irresponsible.
Chapter 13 is less harmful to your credit.
Though there are still marks against you, since you will be working to repay your debts on a payment plan, you do not look like you are financially irresponsible, though you are still considered a slight credit risk. Also, your qualifying assets will not be sold with the chapter 13 bankruptcy like they would in the chapter 7.
In 2005 an act passed legislation that now makes it more difficult for individuals to receive a chapter 7 bankruptcies. There are now terms to be followed such as pre-filing credit counseling and post-filing financial education.
So when considering your file for bankruptcy, it is important to weigh the sides between chapter 7 and chapter13. Which one will do you more harm than good when it comes to solving your financial problems?
While there are many types of bankruptcy out there, the most commonplace are chapter 7 bankruptcies and chapter 13 bankruptcies of the bankruptcy code.
Chapter 7 is the most common for the individual.
It is the complete erasing of qualifying debt. The debtor is then released from all repayment obligations. But chapter 7 bankruptcies are not to be taken lightly.
While giving you an immediate fresh start in repairing your finances, it remains on your credit report for 10 years. You will be looked at as a high credit risk and financially irresponsible.
Chapter 13 is less harmful to your credit.
Though there are still marks against you, since you will be working to repay your debts on a payment plan, you do not look like you are financially irresponsible, though you are still considered a slight credit risk. Also, your qualifying assets will not be sold with the chapter 13 bankruptcy like they would in the chapter 7.
In 2005 an act passed legislation that now makes it more difficult for individuals to receive a chapter 7 bankruptcies. There are now terms to be followed such as pre-filing credit counseling and post-filing financial education.
So when considering your file for bankruptcy, it is important to weigh the sides between chapter 7 and chapter13. Which one will do you more harm than good when it comes to solving your financial problems?
Check this out:
Attorneys explain what the different types of Bankruptcy are and how filing for one will affect your credit, job, home, pension, work tools, car, collection efforts against you, tax liens, and much more
Bankruptcy for Consumers
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Chapter 13 Bankruptcy
While filing for bankruptcy, there are several codes, which an individual can file under. One such chapter is 13, which allows the debtor to keep property and pay the debt off over time.The debt is usually paid over a three to five year period. This chapter is usually chosen by those who have a regular income and who do not wish to deal with the new laws of chapter 7 bankruptcy codes.
Also known as the wage earners plan, chapter 13 bankruptcies enable debtors to pay off part of the debt they have incurred.
While it is not as good as being able to work something out with your creditors and arrange payments individually or through a debt consolidator, it does show some financial responsibility and the debtor's willingness to make up for their mistakes.
Chapter 13 bankruptcies act as sort of a consolidation loan in itself. Because the debtor is making payments on the owed monies, it does not have such a bad impact on the credit reports. But the individual does not have direct contact with the creditors and payments are distributed
amongst them.
To be eligible for the Chapter 13 bankruptcy an individual, even if self-employed must have an unsecured debt of under $307,675 and secured debts must be under $922,975.
No debtor may file for chapter 13, or any bankruptcy chapter during the preceding 180 days of a previous bankruptcy petition was dismisses.
There are fees that must be paid also when filing for bankruptcy, even the chapter 13 code. The courts charge a $235 case filing fee and a $39 miscellaneous administrative fee. These fees must be paid when filing unless with the courts permission, it can be paid in installments.
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