Bankruptcy?
I was just wondering what is the difference between Chapter 7, 10 & 13 bankruptcies. How did the new law that Bush passed now affect bankruptcies (or does it at all)? I’ve heard everything that you can’t file for Chapter 13 bankruptcy anymore to you have to take financial planning classes thereafter. Also, is it advisable at all? I know normally people say make it your last resort, but I am beyond in debt and do not have any other resolutions. Any horror stories after filing? Any positive stories? Please enlighten me.
thanks!
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The new law is much more complicated than before. It was designed to deter people from walking away from their debts. If you are facing personal bankruptcy then there are two chapters which might apply: chapter 7 and chapter 13. Which one would be best depends on your cirumstances – your income, your debts, etc. etc.
Do yourself a favor and research the subject before you make a move. It really is a last resort and there could be alternatives. This website has a lot of information, useful links etc.
Good luck!