Chapter 7 bankruptcy remains on a bankruptcy filer’s credit report as part of credit history for 10 years. United States bankruptcy law significantly changed in 2005 with the passage of BAPCPA , which made it more difficult for consumer debtors to file bankruptcy in general and Chapter 7 in particular.
Other than consumer perceptions that bankruptcy is somehow unethical or "wrong", the primary issue with filing bankruptcy is that it remains on the debtor’s credit for up to seven (Chapter 17) or ten years (Chapter 13) from filing and may interfere with efforts to obtain credit, purchase or refinance a home or even obtain employment.
Bankruptcy Chapter 13 Law and Legal Definition Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors.The philosophy behind the law is to allow the debtor to make a fresh start, not to be punished for inability to.
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This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
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Chapter 11 bankruptcy is available to individuals but primarily is used for large business reorganizations. Chapter 12 bankruptcy, which is similar to Chapter 13 bankruptcy, addresses the unique problems faced by family farmers and family fishermen. As a practical matter, almost all consumer cases are covered under Chapter 7 or Chapter 13 of.
Chapter 11 cases are by far the most complicated of bankruptcy cases, and as a result, there are very few law firms that handle chapter 11 cases, but many times individuals and companies cannot obtain the relief they need under chapter 7 or chapter 13, thus a chapter 11 is their best option.
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Chapter 13 bankruptcy is a financial reorganization plan that protects the debtor from collection action during the case and discharges nearly all remaining balances at the end. The discharge in Chapter 13 covers some debts that cannot be discharged in Chapter 7.