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BANKRUPTCY LAW
Personal bankruptcy generally is considered the debt management option of last
resort because the results are long-lasting and far-reaching. bankruptcy law
A bankruptcy stays on your credit report for 10 years, making it difficult
to acquire credit, buy a home, get life insurance, or sometimes get a job bankruptcy law
However, it is a legal procedure that offers a fresh start for people who
can't satisfy their debts. bankruptcy law Individuals who follow the
bankruptcy rules receive a discharge-a court order that says they do not have to
repay certain debts. bankruptcy law
bankruptcy law There are two primary types of personal bankruptcy:
Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. bankruptcy law
The current fees for seeking bankruptcy relief are $160: a filing fee of
$130 and an administrative fee of $30. bankruptcy law Attorney fees are
additional. bankruptcy law
Chapter 13 allows persons with a steady income to keep property, like a
mortgaged house or a car, that they otherwise might lose. bankruptcy law
In Chapter 13, the court approves a repayment plan that allows you to use your
future income to pay off a default during a three-to-five-year period, rather
than surrender any property. bankruptcy law After you have made all
payments under the plan, you receive a discharge of your debts.
bankruptcy law