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Consequences Of Filing

Filing for bankruptcy often gives debtors the feeling of a fresh start. Chapter 7 (liquidation), wipes away your debt. Chapter 13 (the wage earners plan) gives you the ability to develop a 3-5 year plan to repay all your debt.

Depending on your case, bankruptcy stays on your credit report for 7-10 years. A chapter 7 case is on your report for ten years, and a chapter 13 case is there for seven years. However, a bankruptcy discharge could prevent you from obtaining new lines of credit.

   If you are already considering bankruptcy, it’s likely that your credit score is already damaged. Your credit report may not endure that much more damage, especially if you remain consistent with paying your bills after declaring bankruptcy.

Covid and Bankruptcy

As part of the social distancing protocol, several businesses and well-established organizations in states all across the globe were legally obligated to follow through with

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Steps To File

Financial inventory First, you should gather all of your financial information. Be as detailed as possible about debts, income, assets, property, and monthly household living

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