Discharging a student loan requires showing undue hardship. The timing of your Chapter 7 filing can determine whether you succeed in this.
Before filing bankruptcy, you should know the implications of an unpaid child/spousal support debt. Payment may depend on whether you file Chapter 7 or 13.
Businesses considering bankruptcy get intense legal advice before filing. You would also be smart to get solid advice to make a good decision.
After declining significantly since 2010, and then edging up in the first three months of this year, consumer bankruptcies sharply decline in April.
Chapter 7 does not stop the collection of unpaid child or spousal support, nor provide any procedure to pay the support. It may still help enough.
Usually if you don'='t list a debt, it doesn't get discharged. An exception is if the creditor still learns about your case, on time.
Filing bankruptcy before the end of December may help you qualify for Chapter 7 bankruptcy. Here's an example showing how this could work.
Get a new financial start for 2018. Stop creditor pressures immediately, write off all or most debts, and responsibly deal with the rest.
Chapter 7 is usually much better if one of your high priorities is to favor a debt by paying it. You can do so more easily and flexibly.
Often all your debts are discharged--legally written off--in Chapter 7. But some you might want to pay, or might not be able to discharge.
Here are 6 ways filing a Chapter 7 case can help you deal with your home lender and related debts, and 6 ways filing a Chapter 13 one can.
Chapter 7's big advantage is that it's quick. Chapter 13's big advantage is that it buys you more time to do what you want or need to do.
Here's an example why to keep an open mind about filing under Chapter 7 vs. Chapter 13. Slightly different facts can make all the difference.
Chapter 7 takes about 4 months, while Chapter 13 takes 3 to 5 years, and likely costs more. But that doesn't begin to answer which is better.