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The type of bankruptcy filed determines the reporting rules In general, delinquent counts and other blemishes on someone's credit report will only stay on that report for seven years. However, the rules are a bit different for bankruptcy. Technically, a Chapter 13 bankruptcy could also drag down a credit score for roughly a decade.
Chapter7Bankruptcy In Chapter7bankruptcy , eligible unsecureddebts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts. Medical bills are typically considered unsecureddebts.
If you earn a decent, steady paycheck but you’re still struggling to pay your debts on time, it may be worth considering filing for bankruptcy. Bankruptcy Code. This opportunity will allow you to benefit from the protections of the automatic stay and the issuance of a discharge at the end of the bankruptcy process.
Some professionals will helpfully walk you through a debtmanagement program or counsel you about the best way to handle your debt, but scammers will take advantage of you unless you know what to look for. So, when should you seriously consider debt relief? Chapter7bankruptcy comes with some serious downsides.
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