What type of bankruptcy is right for me?
Chapter 7 and 13
There are many "chapters" of the U.S. Bankruptcy Code. The 2 chapters used by most of us to reduce the burden of debt and to put creditors under control are Chapters 7 and 13.
There are many "chapters" of the U.S. Bankruptcy Code. The 2 chapters used by most of us to reduce the burden of debt and to put creditors under control are Chapters 7 and 13.
The good news is that overall, most people we have seen qualify for one or both. The big categories of qualification are how long since a previous bankruptcy filing, how much debt someone has, and how much income someone has.
For rebuilding credit I place a lot of emphasis on adding positives to your credit reports (new, “paid on time” entries). There are negatives on your reports too, but over time they have less and less effect on your score. This is assuming all of the negative items on your report are correct, or even yours. Yes, there is a very real possibility of mistakes.
Some other terms Eviction are Summary Ejection or Summary Ejectment.
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I would start with describing the HEROES Act as an opening bid in a negotiation with the Senate, where Republicans and most Democrats are substantially more cautious. It is worth noting that this summary does not include the pro-bankruptcy provisions, including the $100,000 homestead minimum regardless of state law, the more general allowance of 84 months plans (but with a discharge still at 36 or 60 months), etc.
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By Ed Boltz, The Law Offices of John T. Orcutt, P.C. (Durham, NC) and Sarah Beth Withers, Inner Banks Legal Services (Washington, NC)
DISCLAIMER: This article is not meant to provide specific advice about the formation of a 501(c)(3) non-profit corporation or the tax or other consequences of such. At most, this is intended to encourage Chapter 13 trustees and their staff to investigate this option.