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chapter 7 Archives

Bankruptcy may be filed more than once

A person may declare bankruptcy more than once. However, there are different time periods for a Chapter 7 and Chapter 13 bankruptcy and other serious considerations. Chapter 7 bankruptcy is the most-recognized and is a discharge of all eligible debts, such as credit cards and hospital bills. Tax debts, child support and student loans are among the debts that cannot be discharged and must be repaid. There is an eight-year wait for refiling a second Chapter 7 bankruptcy.

Student debtors may get relief

A Chapter 7 bankruptcy does not provide debt relief for college loans unless the debtor can meet the strict requirements for showing an undue burden. But, a bill introduced in the U.S. House of Representatives could broaden the definition of undue burden and increase eligibility for discharging student loan debt.

Veterans and bankruptcy

Veterans have some special protections under the law, but they also face some hurdles, bureaucratic and otherwise. A veteran receiving disability benefits who undergoes Chapter 7 bankruptcy will face some unique obstacles. Disability benefits are counted as income and hamper a veteran's chances for achieving a discharge of their debts and a fresh financial start.

Clearing bankruptcy from credit reports

Bankruptcy can lead to a fresh financial start through debt liquidation. But, a Chapter 7 or Chapter 13 bankruptcy appearance on a credit report can place obstacles to seeking credit and reestablishing a new financial profile. There are ways to speed up the removal of bankruptcy on reports. Reestablishing credit can open a new financial future, grant access to loans and even lead to high credit scores.

Considering Chapter 7 bankruptcy

Consumers in Pennsylvania, like the rest of the country, have overextended themselves through credit card purchases and other debt. One of the legal means to resolve these debts and seek a financial fresh start is to declare Chapter 7 bankruptcy. Choosing to utilize this type of filing depends on their financial situation.

Not everyone will qualify for Chapter 7 bankruptcy protections

Bankruptcy can help a Lehighton resident who is behind on their bills and who cannot find the extra income to get caught up. It can help individuals take control of their financial health and work down their debts so that they may have better control over the bills they do maintain. There are a variety of different forms of bankruptcy that debtors may choose to pursue and one of the most utilized of them all is Chapter 7 bankruptcy.

Mortgage modification in a Chapter 7 bankruptcy

When the 2008 economic recession hit, mortgage companies were forced to find a solution for homeowners who could no longer afford their house payments and had fallen behind. Otherwise, the number of foreclosures would have been far more astronomical than it already was. Mortgagers would have lost millions of dollars.

Do I have to give up everything I own if I file Chapter 7?

The simple answer to this question is no. In Chapter 7 bankruptcy, secured debts can be "reaffirmed", meaning a debtor will be allowed to continue paying on those accounts after bankruptcy. However, there are some requirements that must be met for a bankruptcy judge to allow the retention of certain assets. Let us explain.

The purpose and process of Chapter 7 bankruptcy

The main purpose of a Chapter 7 bankruptcy is to allow an individual debtor a "fresh start." This means that most debts will be discharged upon completion of the bankruptcy, with no remaining liability to the debtor. However, there are exceptions to this rule. Most taxes and student loan debts are non-dischargeable in any bankruptcy. There are a few instances in which these could be discharged, but it does not happen often, and requires special consideration before a bankruptcy judge. In addition, criminal fines and child support are also both non-dischargeable debts, without exception.

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