Although Chapter 13 bankruptcy is not the most widely used bankruptcy option, it is preferred by many homeowners that are on the verge of losing their homes. Under a chapter 13 bankruptcy, single or married consumers are allowed to propose a three to five year repayment plan, during which time they can bring their past…
This is not always true. If you work hard and rebuild your credit and FICO score, you can qualify for a new loan in the future. Chapter 7 will be reflected on your credit report for 10 years.
“My neighbor filed for Chapter 7 bankruptcy and was approved. I’m sure I will be approved, too.” This statement is false. In order to qualify for Chapter 7 bankruptcy, every debtor must undergo a “means test.” The means test will compare your family’s median income to that of other families in your state. If your…
This statement is totally subjective. Chapter 7 bankruptcy is likely the most widely used of all bankruptcy options. With that said, this does not necessarily mean that Chapter 7 is the best option for you. Whether or not Chapter 7 is ideal for you depends, in large part, on your personal debt and assets. It…