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bbjuggalo420

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chapter 13 or 7 for my situation?

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When considering bankrupty one of the factors that will be considered is your ability to repay the debts over time.   They will evaluate your income, assets and debts.  If you are determined to be in a position to repay most of the debts over a 3 to 5 year period, you will be filing Chapter 13.  if you woul dnot be in a position to repay these debts or about 80% of the amount in that time frame, you may be looking at Chapter 7.  The final decision rests with the court on which you will actually file.   In Chapter 13, when you make the payments over a 3 to 5 year piod (payments must be on time) any amount of debt after the designated time will be wipedout.  In either case, any negative comments by creditors and colleciton agents will remain on your credit report for 7 years from date of delinquency or date closed.  You WILL want to make certain that every debt is included.  If you fail to include one, that debt  will still be your responsibility.   So ensure you are aware of every single penny of debt, including ones previously reported as closed or beyond any statutes.  Chapter 13 will remain on your credit report for 7 years, however, some creditors will offer you credit after 2-3 years.  The Chapter 7 will remain on your repot for the ful 10 years from date of discharge.

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