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Learn about filing for personal bankruptcy, find solutions to refinance your mortgage or get a loan after a personal bankruptcy.
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Top Bankruptcy Tips from AskMrCredit.com
When is a chapter 13 a better alternative than a chapter 7?
There are several situations where a chapter 13 is preferable to a chapter 7. A chapter 13 bankruptcy is normally for people who have too much income to file a Chapter 7 bankruptcy or have the kind ...Read moreWhat do i do if someone has filed for bankruptcy in my name?
If you believe someone has filed for bankruptcy in your name, write to the U.S. Trustee (UST) in the region where the bankruptcy was filed. A list of the U.S. Trustee Programs's Regional Offices is ...Read moreWhat is bankruptcy
Personal bankruptcy generally is considered the debt management tool of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, ...Read moreWhat is chapter 7 bankruptcy?
This is commonly referred to as "straight bankruptcy" and it is the most commonly filed form. Only individuals (not businesses or partnerships) may obtain a discharge in a Chapter 7 proceeding. Large ...Read moreWhat are the most common reasons for a chapter 7 bankruptcy?
The most common reasons for filing bankruptcy are: Unemployment; Large medical expenses; Seriously overextended credit; Marital problems, and; Other large unexpected expenses.How quickly will my creditors get notice of my bankruptcy?
Within a couple of weeks of the filing of your petition, the bankruptcy court clerk mails your creditors notice of the filing and the imposition of the automatic stay. Until the creditors get notice, ...Read moreWill filing bankruptcy stop my bill collectors from taking action?
Yes, When you file bankruptcy, federal law imposes an "automatic stay" which precludes your creditors from taking any action to collect debts against you including court judgements and tax debts ...Read moreTypes of bankruptcy
There are two types of bankruptcy. Chapter 13, or "reorganization," allows debtors to keep property that they might otherwise lose, such as a mortgaged house or car. Reorganization may allow a person ...Read moreWhat is chapter 13 bankruptcy?
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of ...Read moreWho can file chapter 7 bankruptcy?
You must reside or have a domicile, a place of business, or property in the United States or a municipality. You must not have been granted a Chapter 7 discharge within the last 6 years or completed ...Read moreShowing 21 to 30 of 41 Facts
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What's Chapter 7?
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all discharageable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
What is a chapter 13 bankruptcy?
Under a chapter 13 bankruptcy, a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtors' future income. The amount to be repaid is determined by several factors including the debtors' disposable income. To file under this chapter you must have a "regular source of income" and have some disposable income. Like in a Chapter 7, corporations and partnerships may not file under this chapter.
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