Information on Filing for Bankruptcy
No matter why you want to file for federal bankruptcy relief of your consumer debts, you must keep in mind some important guidelines and potential effects, according to the United States Bankruptcy Court.
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Credit Reporting Time Frame
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All bankruptcy filings negatively impact your credit. A Chapter 13 bankruptcy, in which you partially repay your debts, is reflected on your credit reports for seven years from the date of filing, while Chapter 7 debt forgiveness is noted for 10 years from the date of your bankruptcy request, according to the credit bureau Experian.
Basic Requirements
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You must attend a meeting of creditors just in case one of your creditors decides to dispute your bankruptcy case, notes the book "How to File for Chapter 7 Bankruptcy." Also, you or an attorney representing your interests must submit full paperwork regarding your income, debts and assets.
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Types of Non-covered Debt
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Even in a Chapter 7 bankruptcy that discharges most of your debt, you can't discharge or reduce most tax bills, most federal student loans, familial support debts, court fines and monetary damages awarded to another party due to your criminal activities, warns the book "How to File for Chapter 7 Bankruptcy."
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