Chapter 7 Bankruptcy

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Commonly Asked Questions about Chapter 7 Bankruptcy

What is the downside of Chapter 7?

1. A bankruptcy stays on your credit report for up to 10 years. While this is a negative aspect of Chapter 7, you can begin rebuilding your credit immediately. The Pros Cons of Filing Chapter 7 Bankruptcy | W. Ron Adams Law W. Ron Adams Law pros-cons-filing-chapter-7- W. Ron Adams Law pros-cons-filing-chapter-7-

Can IRS debt be discharged in Chapter 7?

What type of tax debt is dischargeable through bankruptcy? Typically, only income tax debts can be dischargeable in bankruptcy. A tax debt owed for payroll taxes, FICA (Social Security) taxes, and trust fund taxes are not dischargeable through any type of bankruptcy proceeding, including Chapter 7.

Is it better to file a Chapter 7 or 13?

Generally, Chapter 7 is more appropriate for simple cases while Chapter 13 for more complicated bankruptcies. Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets.

Does Chapter 13 hurt your credit less than Chapter 7?

Chapter 13 may cause less damage than Chapter 7 if you can reorganize your finances, as it involves repaying debts rather than liquidating assets. Future lenders might like Chapter 13 better, especially if you agree to pay back what you owe. But if your credit is extremely low, it wont matter much which one you pick. How Does Filing Chapter 13 Bankruptcy Affect Your Credit Score? Portland Bankruptcy Attorneys how-does-filing-chapter-13-bankr Portland Bankruptcy Attorneys how-does-filing-chapter-13-bankr

Whats the difference between Chapter 7 and chapter 11?

Chapter 7 is considered a liquidation bankruptcy: it doesnt require a repayment plan but the business has to sell some assets to pay creditors. Chapter 11 is considered a reorganization bankruptcy that allows businesses to maintain their operations while creating a plan to repay creditors.

Why file Chapter 13 instead of 7?

You may like to file Chapter 13 instead of a Chapter 7 bankruptcy, if youre behind on your mortgage payments and youre trying to save your home. Chapter 7 does not give you the opportunity to catch up mortgage payments or otherwise save your house. A Chapter 13 would be the appropriate chapter to file for that. Why should I file a Chapter 13 instead of a Chapter 7 Christie Arkovich Video FAQ Christie Arkovich Video FAQ

What is the downside to filing Chapter 13?

Cons of Filing Chapter 13 Bankruptcy Even missing payments risks dismissal, leaving no bankruptcy protection. Job loss, medical issues, and added expenses all strain the plan. 2. Certain Debts Remain: Common protected debts like most student loans, alimony, and child support cant be discharged in Chapter 13. Pros and Cons of Chapter 13 Bankruptcy Indianapolis Bankruptcy Attorneys - Sawin Shea blog pros-cons-of-chapter Indianapolis Bankruptcy Attorneys - Sawin Shea blog pros-cons-of-chapter