In addition to deciding whether to file, you’ll also want to consider which type of bankruptcy is right for you (typically either Chapter 7, Chapter 11 or Chapter 13). Here is a list of advantages and disadvantages to consider as you decide whether Chapter 13 bankruptcy is the best option.
Bankruptcy will ruin your credit for some time to come. A chapter 7 bankruptcy can remain on your credit report for up to 10 years. Although a bankruptcy stays on your record for years, the time to complete the bankruptcy process under Chapter 7, from filing to relief from debt, takes only about 3-6 months. If you decide against Chapter 7 when it may be the right decision for you, your missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit, and may be more.
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by individuals who want to pay off a portion of their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep.
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Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court.
Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor , which is most common.
Blackhawk Mining, LLC., a coal company with 2,800 employees in Kentucky and West Virginia, plans to file for Chapter 11.
Download bankruptcy forms for filing chapter 7 or Chapter 13 bankruptcy without a lawyer. Our bankruptcy form packages have all the bankruptcy court forms you need, including easy instructions and a how to file bankruptcy guide. U.S. Legal Forms is.
If your bankruptcy is a simple Chapter 7 bankruptcy, then filing it before your divorce may be the best option. Since Chapter 7 bankruptcy can be filed and complete in just several months, there’s no reason you and your spouse can’t file jointly, discharge your debts, then divorce afterwards.