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Posted on in Bankruptcy

What is Chapter 12 Bankruptcy?

You know about Chapter 7 bankruptcy and Chapter 13 bankruptcy. These are the two types of bankruptcy that individuals facing substantial personal debt can file to take control of their debt. Other types of bankruptcy exist too, like Chapter 11, Chapter 9, Chapter 12, and Chapter 15. Most people are familiar with Chapter 11 bankruptcy because it is frequently discussed in the news. Chapter 11 bankruptcy allows struggling businesses to reorganize in an effort to become profitable again.

Chapters 9, 12, and 15 are the types of bankruptcy that we do not often hear about. These types of bankruptcy are filed less frequently than the other three because the circumstances that put individuals in positions to file them are less common. For example, Chapter 12 bankruptcy is known as Family Farmer Bankruptcy or Family Fisherman Bankruptcy. This type of bankruptcy is designed for individuals who make their income through small-scale farming or fishing.

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What Happens During a Pre-filing Credit Counseling Session?

When you file for bankruptcy, you are required to receive credit counseling from a qualified source. This is to help you gain insight about how debt and credit work, how you got into your particular situation, and to help you develop strategies that you can use to avoid going into unmanageable debt again in the future.

If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, you might be wondering what to expect from your pre-filing credit counseling session. The thought of having to sit down with a professional and discuss personal details of your financial life can be stressful, but remember, it is ultimately to help you come out of your bankruptcy stronger and ready to manage your finances in a healthy, productive way.

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Bankruptcy and Student Debt: What You Should Know

Student debt is an issue that plagues hundreds of thousands of Americans. It is an issue most commonly associated with Millennials, adults who are currently in their 20s and early 30s, because of how the cost of college rose exponentially during the past decade amid a sluggish economy and stagnant wages. Young adults across the nation have delayed many of the traditional markers of adulthood, such as moving out of their parents' homes, getting married, and starting families of their own because of the levels of student debt they face.

One persistent myth about student debt is that it cannot be discharged in bankruptcy. Although this is true in many cases, it is often touted as a fact without exception. But the truth is, there are certain circumstances in which an individual can discharge his or her student debt through bankruptcy. Generally, if you can prove that you cannot live without undue hardship without discharging your student debt, you can have it discharged as part of a Chapter 7 or Chapter 13 bankruptcy plan.

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Can I Get a Credit Card After Bankruptcy?

If you are currently going through the bankruptcy process or have recently completed it, you are probably hearing and reading advice from many different sources. The advice you receive might be contradictory or inconsistent, with some parties advocating strategies that would not work in your situation or seem like they would get you back into debt, rather than help you stay out of it. One piece of advice you have undoubtedly received is to take steps to rebuild your credit. But how? After bankruptcy, your credit score is severely damaged and will remain that way for years, possibly up to a decade.

You can start by getting another credit card. This might seem impossible, but it is actually a fairly simple, straightforward solution. Secured credit cards, credit cards that are backed by a collateral cash amount that you give to the bank to open the card, are a great option for rebuilding a damaged credit score. But they are not the only option. For many individuals, it is possible to get another unsecured credit card to start rebuilding credit again.

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Reasons Why a Bankruptcy Claim May Be Denied

When you file for bankruptcy, your claim is not automatically approved. It is possible for the court to deny your claim, putting you in a position in which you continue to face difficulty managing your debt and are subject to collection attempts from your creditor. Why would the court do this? There are a few reasons why a bankruptcy claim may be denied, which are discussed below. For further information and guidance through your bankruptcy case, work with an experienced bankruptcy attorney who can act as an advocate for your rights and interests.

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