Generally filing for chapter 7 bankruptcy protection does not eliminate your obligation to repay certain debts like student loans recent tax dent or alimony and child support there are some cases though where student loans can be discharged such as if permanent injury or illness prevents you from repaying. If you decide to file for bankruptcy you have two basic options chapter 7 and chapter 13 a chapter 7 bankruptcy will sell off many of your assets to pay your creditors in a chapter 13. To qualify for a chapter 7 bankruptcy certain income requirements must be met the means test a formula used to keep high wage earners from filing chapter 7 will determine if your income is low. What are the different types of bankruptcy 1 chapter 7 chapter 7 is a very common form of bankruptcy to apply you must show evidence of severe financial need you can file chapter 7 bankruptcy whether youre a consumer or a business owner the filing may exempt most of the unsecured debt. If youve fallen behind on bills mortgage payments rent or other expenses filing bankruptcy may seem like the only solution however filing bankruptcy should be a last resort since bankruptcy appears on your credit report for up to 10 years for chapter 7 or seven years for chapter 13 lowering your credit score as a result
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