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If you do not qualify for a Chapter 7 bankruptcy to liquidate your debts, you may be required to pay back a significant portion of your debts under a Chapter13Bankruptcy, and still suffer the negative impact to your credit score. How long does a Bankruptcy stay on your credit report?
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter 7 and Chapter13bankruptcy options.
Chapter 7 bankruptcy remains on credit reports for 10 years. Unsecured Debts in Chapter13BankruptcyChapter13bankruptcy works differently. You pay back some of your debts over three to five years. After completing the plan, any remaining unsecured debts may be discharged.
However, if your monthly disposable income exceeds the maximum allowable, you will fail the test and be prohibited from filing for Chapter 7 bankruptcy. Be aware, if you fail the Chapter 7 means test, you still have other options, including Chapter13bankruptcy and debtsettlement plans.
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