In both kinds of bankruptcy, the courts will also appoint a trustee. How does the role of the trustee differ in these two forms of bankruptcy?
What does the bankruptcy trustee do in Chapter 7 and 13 filings?
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You have to choose your exemptions in a Chapter 7 bankruptcy
You have to provide information to the courts about your assets, and they have the authority to order you to use some of your property to repay your debts. However, that only happens in rare occasions when you cannot exempt all of your assets.
Getting a house after Chapter 13 bankruptcy
The good news is that most people who go through Chapter 13 bankruptcy have an opportunity to get a loan for a new home in as little as a year.
Can you stop bankruptcy once you start?
If you’re dealing with debt, one of the options you may have open to you is filing for bankruptcy. Sometimes individuals decide they do no want to go through with bankruptcy. Some people find themselves in a unique position where they begin a bankruptcy only to want...
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SHORT SALE, DEED-IN-LIEU, FORECLOSURE AND CHAPTER 13 BANKRUPTCY
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