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All people who consider filing bankruptcy eventually arrive at a
common point of inquiry: What is Chapter 7 bankruptcy and do most people
prefer it over Chapter 13? The short answer is based on payments
required, or rather not required in Chapter 7 but that are required in
Chapter 13. Under Chapter 7 laws, a full discharge is commonly available
in less in than 100 days, whereas plans last from between three to five
years. Oddly, people who file of each of the chapters experience the
same difficult with obtaining credit both while a case is pending and
for several years after the case is closed.
Recently, filing bankruptcy in Chapter 7 became more difficult
because of income restrictions. Today, qualification requires below
average low income, excessively high debts, and two years residency to
claim state exemptions.
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