Re: Bankruptcy

Posted by ANON (12.225.196.254) on July 27, 2003 at 00:48:56:

In Reply to: Bankruptcy posted by Jim on July 26, 2003 at 23:45:48:

Most would recommend Chapter 7. That would eliminate most of the debts you have ( I think student loans and child support are the exceptions). Chapter 13 would put you in a court approved repayment plan with your creditors. Many people cannot complete Ch 13 and end up going to CH 7 anyway. There is also a difference in reporting time. Ch 7 = 10 years. Ch 13 = 7 years.

Anyway as far as CH 7 goes... After you initially file it will be a couple of months before your Meeting of creditors and then a month or 2 after that before it is discharged. The time it takes to complete is not a big deal. The important date is the date you file.

A bankruptcy should be your last resort so if you can avoid it, do so.

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