Considering Chapter 7 Bankruptcy [mortgage-answer.blogspot.com]
Peregrine Financial Group Inc. filed for Chapter 7 after regulators alleged the brokerage misstated more than $ 200 million in customer accounts. The Daily Docket: Peregrine Files for Chapter 7
It is now more important than ever to consult bankruptcy lawyers Franklin when considering whether to file for bankruptcy. An individual needs to know whether they should be filing for Chapter 7 or Chapter 13 bankruptcy, and be aware of the bankruptcy laws.
Chapter 7 bankruptcy involves liquidationto help pay off debts while Chapter 13 bankruptcy is essentially a plan for three to five year debt repayment. Recent bankruptcy laws have actually made it harder to file for Chapter 7 bankruptcy, and more difficult to file for bankruptcy in general.
People with high incomesmay not qualify for Chapter 7 under the new laws, and all debtors must receive credit counseling before filing. They should also receive advice on budgetary and debt before having their debts erased entirely.
When considering filing for Chapter 7, the new laws stipulate that an individual must measure their current monthly income against the median income for a hous ehold of about the same size in the same state . If the current monthly income is at or below the median, then the person may file for Chapter 7. If it is greater, then the individual must pass the means test.The means test determines the amount of disposable income a person has, after subtracting certain allowable expenses and payments required debt. This determines how an individual reorganizes debts for Chapter 13 bankruptcy.
Remember that credit counseling is required prior to filing for either Chapter 7 or Chapter 13 bankruptcy and the board must be performed by a licensed agency in the United States. This advice helps people decide if they really need to file for bankruptcy or whether an informal repayment plan would be best suited to their situation. Even if an informal repayment plan is not practicable or an individual is unfair and unjustified debts, they must participate. However, they do not have to go with a repayment plan the agency suggests. A person must submit the plan and a certificate that they have fulfilled adviser to the court before filing for bankruptcy. More Considering Chapter 7 Bankruptcy ArticlesQuestion by kamal5one9: How long does a chapter 7 bankruptcy last on your credit report in Connecticut? I filed for a chapter 7 bankruptcy on December of 2001 and it has since been discharged. I would like to know how long that bankruptcy will be on my credit report. I filed the bankruptcy in the state of Connecticut. Thanks in advance for your help. Best answer for How long does a chapter 7 bankruptcy last on your credit report in Connecticut?:
Answer by Steve D
State does not mater...federal law says 10 years from date of discharge.
Answer by redwolf470
A Chapter 7 Bankruptcy stays on your credit report for 10 years.
