Assets that can be kept after filing for bankruptcy depend on whether Chapter 7 or Chapter 13 bankruptcy is filed, according to Privacy Matters. In Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, ... More »

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Filing for Chapter 13 bankruptcy allows property owners to keep their homes, unlike filing for Chapter 7 bankruptcy where the owner forfeits all non-exempt assets, notes HowStuffWorks. However, some states exempt houses ... More »

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Some of the main reasons that people file for bankruptcy are job loss, medical expenses, misuse of credit, divorce and unexpected large expenses. A Harvard University study shows that medical expenses are responsible for... More »

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The main difference between Chapter 7 and Chapter 13 bankruptcy is that Chapter 7 allows a person to dismiss his unsecured debt, while chapter 13 provides a way to restructure debts into a manageable repayment plan. Cert... More »

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Although an individual can file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, both types involve the same four steps, according to Money Crashers. These steps include providing a financial inventory, receiving c... More »

Whether Chapter 7 or Chapter 13 bankruptcy is chosen, the negative effect on the filer’s credit is the same, according to myFico. The extent of the impact depends on largely on the debtor’s credit profile prior to filing... More »

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As of August 2014, homesteading laws refer to exemptions to bankruptcies, and each state varies homesteading exemptions for Chapter 7 and Chapter 13 bankruptcy protection, according to NOLO. A homestead exemption may all... More »

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