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Do you have to be working to file for bankruptcy?
There are three types of bankruptcy namely Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Business Bankruptcy. Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. On the other hand Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts while Chapter 13 bankruptcy is wage earner's bankruptcy, which allows you to repay your debt through a plan. Among these three, Chapter 13 bankruptcy is considered as the best option for people with a steady income, who happen to have fallen behind in loan payments. idk and i dont give rats a**. hahahaha
When filing chapter 13 repayment plan do you still have to make your current monthly payments or through filing bankruptcy can they be lowered?
You have to make whatever payments are required as determined by the BK analysis, which should be lower than trying to make all your normal payments.
Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
Can a medicail bill for a veterains hospitail be charged off in chapter 7 bankruptcy?
Medical bills can be discharged through a bankruptcy.
If you had bankruptcy in 2004 can you file for bankruptcy again?
Some strict limitations have been set by the new bankruptcy law. Debtors will not be able to file Chapter 7 bankruptcy if they've been through a Chapter 7 within eight years of the new filing. If they want to file for Chapter 13, they will not receive a discharge within two years of a previous Chapter 13 discharge and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.
Can child support be included in a bankruptcy?
One a few type of financial obligation that cannot be discharged via bankruptcy is child support. If you have gone through a divorce or some type of divorce or separation settlement and you are required to pay child support or child maintenance by court order, the act of filing bankruptcy will not discharge this responsibility for you to continue paying it. Child support payments are exempt from any type of bankruptcy filing that the consumer might do, whether chapter 7 or chapter 13.
How do you know when your chapter 13 bankruptcy is over?
You will receive a letter that your bankruptcy is discharged. You can also call the bankruptcy court or the trustee and find out if it is final.
What is the process for using bankruptcy chapter 13?
First, contact a lawyer in your state to make sure you qualify. The lawyer in your state will be able to walk you through the proper steps to file chapter 13 bankruptcy.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
How to Choose Between a Chapter 7 and a Chapter 13 Bankruptcy?
There are two types of bankruptcies that individual consumers file; Chapter 7 and Chapter 13. Chapter 7 involves liquidation of assets and completely discharging a person’s debts and thus freeing them of the obligation to pay. Chapter 13 is a little bit more complicated.In a Chapter 7 bankruptcy, credit cards and other dischargeable debt is wiped clean and allows the debtor an opportunity to start over with no debt. The debts still remain on the credit report, but the debtor no longer owes any of the balances. In a Chapter 7, you are usually able to keep your car and house and other assets that are necessary in everyday living. Sometimes you are able to reaffirm these debts for lower and more affordable monthly payments and lower interest rates. The biggest difference between the two chapters is that the Chapter 7 is discharged within a matter of months, while the Chapter 13 could continue for 3 to 5 years.Chapter 13 bankruptcy is different from a Chapter 7 bankruptcy primarily because debt isn’t wiped clean. Chapter 13 is also referred to as a reorganization plan or an individual reorganization and is filed by debtors that have steady incomes and may not qualify to file a Chapter 7 bankruptcy. If the debtor has valuable assets that cannot be exempted, they may choose Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, the debts are combined and payments are made to a trustee for a period of time of 3 or 5 years. The payments that are made and the length is determined by the income and the amount of debt. After all payments are made to the trustee for the designated period of time, the debtor receives a discharge of debt.For both Chapter 7 and Chapter 13 bankruptcies, the debtor will have to go through a series of checks to make sure they qualify for these forms of debt relief. Most debtors qualify for one or the other, but should meet with an attorney if you are not certain as to which chapter you should file.
When a creditor is paid-off through a Chapter 13 Bankruptcy is the creditors information automatically removed from your credit history?
No. Sometimes it will be reported as "Included in Bankruptcy"
Bankruptcy and Debt?
Bankruptcy is a legal process that allows individuals or businesses who can’t repay their debts to either eliminate them or create a structured repayment plan under court supervision. While it can provide relief, it also has long-lasting impacts on your credit and financial future. Types of Bankruptcy (for Individuals in the U.S.) Chapter 7 Bankruptcy (Liquidation) – Assets may be sold to pay off debts. Most unsecured debts (like credit cards) can be discharged, but you may lose property. Chapter 13 Bankruptcy (Reorganization) – You keep your assets but must follow a court-approved repayment plan (usually 3–5 years) to pay back some or all of your debt. Bankruptcy vs. Debt Relief Programs Bankruptcy: Wipes out debt or restructures it, but stays on your credit report for 7–10 years. Debt Settlement: Negotiates with creditors to reduce balances without court involvement. Debt Consolidation: Combines multiple debts into one payment, usually with lower interest. When to Consider Bankruptcy You have no way to repay debts, even with reduced settlements. Creditors are suing or garnishing wages. You have more debt than assets or income can realistically cover. Pros and Cons Pros: Eliminates or restructures unpayable debt Stops lawsuits and collection efforts Offers a “fresh start” financially Cons: Severe impact on credit score Difficult to get loans or credit afterward Legal costs and court filings involved Stays on credit report for up to a decade Check Better Debt Solutions
