Re: BK question
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Posted by John
(68.119.74.249) on August 09, 2003 at 00:52:57:
In Reply to: BK question posted by Marcy on August 08, 2003 at 20:36:48:
Varies from state to state but in general, they figure what you can afford to pay your creditors over a five or six year period without taking food off your table. With BR 13, they garnish your wages to collect so think if you really want that to happen. BK 7 is so much easier and you can keep property if you can pay for it like a home and car(s). Plus, once it is over it is over. Within two years or so you will be able to do almost anything credit wise if you take the proper steps to re-establish yourself. Both BR's are bad, but at least with 7, you are finished and get to move on with your life. And no garnishments :-). One thing you will need to do is once the 7 is over, work hard on cleaning off your credit reports.
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