Chapter 7 bankruptcy is a type of bankruptcy in which certain property is sold and used to repay your debts. If you don’t have property that can be resold, many of your debts will be discharged, or cancelled, at the end of the bankruptcy case.
Not everyone is eligible to file Chapter 7 bankruptcy. Here is a list of criteria that qualifies you for bankruptcy.
Chapter 7 Bankruptcy Overview
Chapter 7 bankruptcy is a bankruptcy available for consumers and businesses that allows creditors to be repaid through liquidation of certain property. If there is no property, creditors are not paid and the debts are discharged.
Ways to Avoid Bankruptcy
Debt is a way of life for many consumers. It can be so overwhelming that bankruptcy seems to be the only answer. Because bankruptcy can have such a devastating effect on your credit score, it s better to seek other alternatives before filing Chapter 7 or Chapter 13 bankruptcy. If another solution saves
2007 Bankruptcy Filings By State
Bankruptcy filings for 2007 ranked by state. Find out bankruptcy statistics for your state.
The Basic Types of Bankruptcy
The two major types of bankruptcy for consumers are Chapter 7 and Chapter 13. Chapter 7 allows you to discharge debt after some assets have been liquidated. Chapter 13 allows you to discharge debt after completing a payment plan.
Should You File Bankruptcy?
There’s a stigma against bankruptcy and for good reason. It devastates your credit and cripples your borrowing abilty. Even though bankruptcy will fall off your credit report after 7- 10 years, most loan applications ask if you’ve ever filed. If you say “no,” when the truth is “yes,” you’re guilty of fraud and can be prosecuted.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 introduced major changes to the way consumers filed bankruptcy.
Why Did You File Bankruptcy? Share Your Bankruptcy Story
Have you filed bankruptcy? Share your story with others. How did your debt happen? When did you know it was time to file bankruptcy?
How long does bankruptcy stay on my credit report?
Per the FCRA, bankruptcy can stay on your credit report longer than most negative credit report information.
Chapter 13 Bankruptcy Overview
Chapter 13 bankruptcy is for the individual consumer who has a regular income and doesn't qualify for Chapter 7 bankruptcy or the individual who has assets they don't want to have liquidated.
Does Bankruptcy Remove Items From My Credit Report?
No. Filing bankruptcy won't remove any items from your credit report, not even those included in your bankruptcy.
How much does it cost to file bankruptcy?
The amount it costs to file bankruptcy depends on which type of bankruptcy you file. You'll pay bankruptcy filling fees in addition to attorney fees and fees to file certain types of motions.
When can I file bankruptcy again?
When you can file bankruptcy again depends on when you first filed bankruptcy and the type of bankruptcy you filed.
How Much Will Bankruptcy Hurt Your Credit Score
Bankruptcy is notorious for being one of the worst things for your credit, but just how far will your credit score drop if you file bankruptcy?