Re: incorrect info About Bankruptcy

Posted by hallan (216.120.137.241) on January 28, 2004 at 15:12:01:

In Reply to: About Bankruptcy posted by Walter on January 28, 2004 at 02:54:31:

You have given some incorrect info about chapter 13. Typically you pay 25% of your take home pay to the court thru garnishment for 3 yrs(not 5) and "wage earner" will be reported on the credit report for 7 yrs from the time you file (not after you finish paying). In some states, (Colorado for one)it will be reported for 10 yrs as some states do not distinguish between the chapters. Payments made by the court go to secured debt first(cars, furniture, etc) (they get their interest, too), then the unsecured debt(credit cards) get what is left over, if anything. Unsecured accounts are frozen and do not accrue any further fees or interest after filing.

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