2007-02-16 03:32:24 · 6 answers · asked by Scott S 1 in Business & Finance ➔ Credit
Chapter 7. I filed. Whew.. your credit is going to be jacked up for a while anything... why stuggle so much.
2007-02-16 03:44:18 · answer #1 · answered by Plus Size Panther! 3 · 0⤊ 0⤋
For personal Bankruptcy there are 2 types
Chapter 13 ~ Debt re-organization & pay back creditors
Chapter 7 ~ Basic Debt Elimination, but not totally
Not all debt can be written off...some must be repaid...
A lot of the rules for filing and/or qualifying for Bankruptcy have changed too....You may want to look up the "new" rules before you make any decision....It may not be as bad as you think..
You know you can talk to your creditors yourself to work out repayment....
Bankruptcy will stay on your credit report for 10 yrs..
2007-02-16 11:47:24 · answer #2 · answered by nuroticmom 2 · 0⤊ 0⤋
Check the tax laws. They changed this year. Chapter 7 no longer means you don't have to pay anything back. You will have to pay something. Your best bet is to make payment plans to pay your bills because if you go Chapter 7 your credit will be shot for the next 10 years, at least.
2007-02-16 11:38:40 · answer #3 · answered by stony1111 4 · 0⤊ 0⤋
Chapter 7
2007-02-16 11:34:48 · answer #4 · answered by Mensa Head 3 · 0⤊ 1⤋
I think it's best to avoid bankruptcy. Clip the credit cards and dig yourself out. I should practice what I preach.
2007-02-16 11:35:52 · answer #5 · answered by Anonymous · 1⤊ 1⤋
CHAPTER 7
2007-02-16 11:35:18 · answer #6 · answered by JEANNE B 3 · 0⤊ 1⤋