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Topic	anyone here ever file for bankruptcy?
Cornhuskers 12/11/20 9:02:53 PM #22:	Zanzenburger posted... You choose which one you want. Each has their own requirements to qualify. You may qualify for one or both of them, but you can only choose one. The Ch 7 is more stringent since it is straight up immediate loan forgiveness. You have to make under a certain amount to qualify. There are a few other small requirements too. Some people opt for Ch 13 because they have assets that could be liquidated with a Ch 7. With a Ch 13 you get to keep all your assets through the program. Other people who make too much and don't qualify for Ch 7 usually qualifies for Ch 13. Lastly, a huge benefit of Ch 13 is that your student loans are automatically deferred for the five years you are in the program. So if your student loan payments are killing you, then this allows you to focus on all your other debts while pushing back your student loan payments until those are the only loans you have left five years later. Just keep in mind interest continues to accrue on them. With a Ch 7, ones your loans are forgiven, you are back to paying your student loans within a few months. One more difference is that a Ch 13 bankruptcy disappears from your credit report much quicker than a Ch 7. I didn't know about the 5 year deferral on student loans. Can you provide a link to a good source on that? My BK7 disappeared about 7 years after filing it. But Pacer.gov will forever have it on file. So... has @_BlueMonk decided if he's going to PM me or not? Not only did I go thru it, but I'm familiar with how to find the ins and outs of protecting your assets. If you live in pro-creditor states like Tennessee and most of the South, the bankruptcy trustee is going to want their FEE and to SELL whatever of yours they can to make more money. If you live in a pro-filer state (Connecticut, other blue states) you get to keep a lot. In Florida, you just sell everything you have and pour that money into your homestead. Homesteads are nearly 100% protected in bankruptcy, in Florida. --- https://www.youtube.com/watch?v=Hu3GJbhtGno Brother. Uncle. Engaged (soon!). Veteran. Born in Nebraska, heart in #ATL. Let's go Jon & Raphael. <cite>Cornhuskers posted [p:948225609] in anyone her... [t:79168536]...</cite> <quote>Zanzenburger posted...</cite> <quote> You choose which one you want. Each has their own requirements to qualify. You may qualify for one or both of them, but you can only choose one. The Ch 7 is more stringent since it is straight up immediate loan forgiveness. You have to make under a certain amount to qualify. There are a few other small requirements too. Some people opt for Ch 13 because they have assets that could be liquidated with a Ch 7. With a Ch 13 you get to keep all your assets through the program. Other people who make too much and don't qualify for Ch 7 usually qualifies for Ch 13. Lastly, a huge benefit of Ch 13 is that your student loans are automatically deferred for the five years you are in the program. So if your student loan payments are killing you, then this allows you to focus on all your other debts while pushing back your student loan payments until those are the only loans you have left five years later. Just keep in mind interest continues to accrue on them. With a Ch 7, ones your loans are forgiven, you are back to paying your student loans within a few months. One more difference is that a Ch 13 bankruptcy disappears from your credit report much quicker than a Ch 7. </quote> I didn't know about the 5 year deferral on student loans. Can you provide a link to a good source on that? My BK7 disappeared about 7 years after filing it. But Pacer.gov will forever have it on file. So... has @_BlueMonk decided if he's going to PM me or not? Not only did I go thru it, but I'm familiar with how to find the ins and outs of protecting your assets. If you live in pro-creditor states like Tennessee and most of the South, the bankruptcy trustee is going to want their FEE and to SELL whatever of yours they can to make more money. If you live in a pro-filer state (Connecticut, other blue states) you get to keep a lot. In Florida, you just sell everything you have and pour that money into your homestead. Homesteads are nearly 100% protected in bankruptcy, in Florida. --- https://www.youtube.com/watch?v=Hu3GJbhtGno Brother. Uncle. Engaged (soon!). Veteran. Born in Nebraska, heart in #ATL. Let's go Jon & Raphael.</quote> ... Copied to Clipboard!
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