2007-01-03 07:10:41 · 3 answers · asked by css1929 1 in Business & Finance ➔ Credit
It depends on how much income you have. The law passed last year by Congress set the new parameters for filing bankruptcy and if you make a certain income, and income to debt ratio, they order a three or five year repayment plan and put you into chapter 13.
Google: bankruptcy income limits chapter 7 nc
You should find the specific statue that way.
2007-01-03 07:16:08 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
The consequences of filing chapter 7 bankruptcy can be pretty drastic. First, you will find it very hard to loan money from any reputable source, which means you will be unlikely to get a mortgage or car loan anytime in the near future. A bankruptcy will also have a major effect on your credit score, but if you are past due on alot of credit card debt, your score probably isn't very good to begin with. It's always better to repay if possible, as bankruptcy is a very unpleasant situation to go through and will make things rough in the future.
On a side note, prospective employers sometimes pull credit reports in order to see what type of employee you would make. A bankruptcy could give the impression that you are irresponsible, even if circumstances outside of your control are at fault. My recommendation is that if you are just thinking about bankruptcy because you have other options, take the other options. Bankruptcy should only be used as a last resort.
2007-01-03 08:12:53 · answer #2 · answered by theeconomicsguy 5 · 0⤊ 0⤋
Laws changed July 1st 2006 so you get no more credit and get to pay your bills. Used to get them reduced or thrown out, but now you just get a court repayment schedule to follow and if you don't - you go to jail.
2007-01-03 07:25:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋