But the unsecured part is wiped out when you complete your plan and obtain a discharge. A Chapter 13 bankruptcy discharge allows you to eliminate certain debts that are not dischargeable in Chapter 7 bankruptcy. The following are some of the most common debts you can wipe out in Chapter 13 bankruptcy but not in Chapter You receive your discharge after you complete all required plan payments.
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Rebuilding Credit After Bankruptcy: It IS Possible!
Debts Discharged in Chapter 13 Bankruptcy Only A Chapter 13 bankruptcy discharge allows you to eliminate certain debts that are not dischargeable in Chapter 7 bankruptcy.
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The following are some of the most common debts you can wipe out in Chapter 13 bankruptcy but not in Chapter 7: debts arising out of willful and malicious damage to property debts used to pay nondischargeable tax obligations debts incurred through a property settlement agreement in divorce or separation proceedings keep in mind that debts characterized as support obligations such as alimony or child support are not dischargeable outstanding debts from a prior bankruptcy where the court denied your discharge retirement account loans homeowners association or condominium fees that became due after your filing date, and certain fines and penalties owed to the government excluding criminal fines.
Talk to a Bankruptcy Lawyer. Need professional help? Start here. Before you make any decision about debt relief, such as declaring bankruptcy, it's important to research your options, get reliable advice from a qualified credit counselor, and understand the impact your choices can have on your overall financial well-being. Regardless of what type of debt relief you choose, you can begin taking better care of your credit immediately by putting simple, responsible, credit-positive actions into practice such as:.
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Bankruptcy Basics Bankruptcy can be a complex process, and the average person probably isn't equipped to go through it alone. Chapter 7 Bankruptcy Chapter 7 bankruptcy, also known as "straight bankruptcy," is what most people probably think of when they're considering filing for bankruptcy. Chapter 13 Bankruptcy Chapter 13 bankruptcy works slightly differently, allowing you to keep your property in exchange for partially or completely repaying your debt.
Bankruptcy Terms to Know Throughout bankruptcy proceedings, you'll likely come across some legal terms particular to bankruptcy proceedings that you'll need to know. Here are some of the most common and important ones: Bankruptcy trustee : This is the person or corporation, appointed by the bankruptcy court, to act on behalf of the creditors. He or she reviews the debtor's petition, liquidates property under Chapter 7 filings, and distributes the proceeds to creditors. In Chapter 13 filings, the trustee also oversees the debtor's repayment plan, receives payments from the debtor and disburses the money to creditors.
Credit counseling: Before you'll be allowed to file for bankruptcy, you'll need to meet either individually or in a group with a nonprofit budget and credit counseling agency. Once you've filed, you'll also be required to complete a course in personal financial management before the bankruptcy can be discharged.
Under certain circumstances, both requirements could be waived. Discharged bankruptcy : When bankruptcy proceedings are complete, the bankruptcy is considered "discharged. Under Chapter 13, it occurs when you've completed your repayment plan. Exempt property: Although both types of bankruptcy may require you to sell assets to help repay creditors, some types of property may be exempt from sale.
State law determines what a debtor may be allowed to keep, but generally items like work tools, a personal vehicle or equity in a primary residence may be exempted. Lien: A legal action that allows a creditor to take, hold and sell a debtor's real estate for security or repayment of a debt. Liquidation: The sale of a debtor's non-exempt property. The sale turns assets into a "liquid" form — cash — which is then disbursed to creditors. Means test: The Bankruptcy Code requires people who want to file Chapter 7 bankruptcy to demonstrate that they do not have the means to repay their debts.
The requirement is intended to curtail abuse of the bankruptcy code. The test takes into account information such as income, assets, expenses and unsecured debt. If a debtor fails to pass the means test, their Chapter 7 bankruptcy may either be dismissed or converted into a Chapter 13 proceeding. Reaffirmed account: Under Chapter 7 bankruptcy, you may agree to continue paying a debt that could be discharged in the proceedings. Reaffirming the account — and your commitment to pay the debt — is usually done to allow a debtor to keep a piece of collateral, such as a car, that would otherwise be seized as part of the bankruptcy proceedings.
Secured debt: Debt backed by reclaimable property. For example, your mortgage is backed by your home, and for an auto loan, the vehicle itself is the collateral. Creditors of secured debt have the right to seize the collateral if you default on the loan. Unsecured debt : A debt for which the creditor holds no tangible collateral, such as credit cards. Debt That Can't Be Forgiven While bankruptcy can eliminate a lot of debt, it can't wipe the slate completely clean if you have certain types of unforgivable debt.
Types of debt that bankruptcy can't eliminate include: Most student loan debt although some members of Congress are working to change this. Court-ordered alimony. Court-ordered child support.
Reaffirmed debt. A federal tax lien for taxes owed to the U. Government fines or penalties. Court fines and penalties. Consequences of Bankruptcy Perhaps the most well-known consequence of bankruptcy is the loss of property. Getting a Credit Card or Loan after Bankruptcy Bankruptcy information on your credit report may make it very difficult to get additional credit after the bankruptcy is discharged — at least until the information cycles off your credit report.
Getting a Mortgage After Bankruptcy Just as bankruptcy can hinder your ability to obtain unsecured credit, it can make it difficult to get a mortgage, as well. Bankruptcy Alternatives When you're struggling with unmanageable debt, bankruptcy is just one solution; there are others to consider. Some bankruptcy alternatives you might consider are: Seek help from a government-approved credit counselor or debt management plan. A counselor can work with your creditors to help arrange a workable plan for repaying what you owe.
Take out a debt consolidation loan.
Can I get a personal loan if I’m bankrupt?
These types of loans can aggregate multiple high-interest, costlier debt into a single, lower-interest loan. Research debt consolidation loans to see if consolidation can lower the total amount you pay and make your debt more manageable. Approach your creditors and see if they're willing to agree to a more manageable repayment plan. Defaulting on your debt is not something your creditors want to see happen to you, either, so they may be willing to work with you to arrange a more achievable repayment plan.
Settling your debt will have a negative effect on your credit scores.
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A Last Word About Debt Relief Whenever you fail to repay a debt as you originally agreed to, it can negatively affect your credit.
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