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Understanding DebtConsolidationDebtconsolidation is the process of taking out a brand-new loan and using the money to pay off other loans or debts. Pros & Cons of DebtConsolidationDebtconsolidation can be great if you qualify for a loan with a low enough interest rate.
Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts. The debtor can move forward without medical bills once the process is finalized. It usually takes a few months to complete.
Chapter 13 is for debtors who don’t meet the requirements to qualify for Chapter 7 relief. If you have regular monthly income, a Chapter 13 bankruptcy allows you to set up a debt repayment plan. Your state may also impose income tax on forgiven debt. For example, there’s a federal exemption of $4,450 for a motor vehicle.
While different from Chapter 11, Chapter 13 is similar in the sense that it involves reorganizing and consolidatingdebts. This filing method is referred to as “the wage earner’s plan” because filers repay some of their debt balances with their regular income.
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