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Isoiza

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what are the different kinds of bankruptcy?

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Chapter 7 basically removes your obligation to pay the majority of debts, Chapter 11 is usually used for a business to reorganize their financial affairs and a Chapter 13, also known as "wage earner's repayment plan" readjusts the debts and interest to allow the debtor to repay all debts in a 3-5 year period, with the debts being paid to and distributed by a court assigned trustee. A Chapter 7 destroys your credit for 10 years, a Chapter 13 hurts for about 7 years.

Never try doing a bankruptcy on your own.  The laws are complex and only an attorney skilled in bankruptcy law can help  you get the paperwork done right so you don't hurt yourself in the end.  The initial consultation is often free.  Just check your phone book to locate one in your town.

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