Bankruptcy Made Simple
By L. Jed Berliner, Western & Central Massachusetts Bankruptcy Attorney on Jun 24, 2007 in General Bankruptcy Information
Every rule of law has a zillion exceptions, and any law that is called a Code is far worse than usual (examples: Internal Revenue Code; Bankruptcy Code).
Bankruptcies stay on a credit report for ten years, but no one cares much after two years.
Chapter 7: You get rid debts and you keep your assets. Whoa! A few debts won’t go away, like intentional injuries, fraud, recent taxes, and some assets you cannot keep (should be obvious, like you cannot keep the million dollars you just inherited). Can file once every eight years.
Chapter 13: You force your mortgage company to take a catchup plan for missed payments; you pay over time to keep an asset not protected in Chapter 7, or you may just need it for immediate protection from law suits but do not have all the fees for a Chapter 7 case.
Now, call an attorney.
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