Filing for Bankruptcy
Filing for Bankruptcy
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How to File for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most popular form of bankruptcy relief for individuals. The basic idea behind Chapter 7 is this: The bankruptcy trustee appointed to your case sells your property to pay off your creditors and ends with a discharge of qualifying debt, such as credit card balances, medical debt, and personal loans. Most Chapter 7 bankruptcy cases take about four months to complete and progress without a hitch, but it’s not for everyone.
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Steps in a Chapter 13 Bankruptcy Case
The steps in a typical Chapter 13 bankruptcy case include filing initial paperwork, drafting a repayment plan, and attending a 341 meeting of creditors. After completing the three- to five-year repayment plan, the court discharges (wipes out) qualifying debt balances.
Timing Your Bankruptcy Filing
Timing Your Bankruptcy Filing
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Top Reasons to File for Bankruptcy Right Away
Some situations require filing for bankruptcy quickly. Learn about why if you're facing situations like foreclosure, repossession, eviction, wage garnishment, or a lawsuit, you can benefit from filing for bankruptcy fast.
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How Often Can You File for Bankruptcy?
There is no limit to how many times you can file bankruptcy, but if you've filed before, your debts can only be discharged after a waiting period expires. Also, if the automatic stay doesn't attach, you'll have to file a motion asking the court to protect you from collection actions by putting the automatic stay in place. Learn more about how many times you can file for bankruptcy.
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I just lost my job and need bankruptcy. Should I file now or wait?
In many situations, it makes sense to wait to file for bankruptcy if you've just lost your job.
Bankruptcy Petitions
Bankruptcy Petitions
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Where Should I File My Bankruptcy Petition?
Here's how to figure out the correct bankruptcy court in which to file your bankruptcy petition.
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How to File an Emergency Bankruptcy Petition
If you need to file for bankruptcy quickly, you can file a bare-bones emergency petition now and the remaining documents later.
The Credit Counseling & Debtor Education Requirement
The Credit Counseling & Debtor Education Requirement
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What Are the Differences Between Credit Counseling and Debtor Education in Bankruptcy?
With a few rare exceptions, you must get credit counseling before you file for bankruptcy, and complete a debtor education course in financial management afterward. Here are the details.
Converting Your Bankruptcy
Converting Your Bankruptcy
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Converting Your Chapter 7 Bankruptcy to a Chapter 13 Case
Learn when you might want to convert your Chapter 7 bankruptcy case to Chapter 13, or when the court will require it.
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Converting a Bankruptcy Case from Chapter 13 to Chapter 7
Completing Chapter 13 bankruptcy isn’t easy to complete a plan—especially if you suffer a job loss, illness or injury, or some other income-lowering event. If you can’t afford to make your Chapter 13 plan payments any longer, you might be able to convert your case to Chapter 7 bankruptcy.