 |
|
Pay Off |
From Only |
|
$15,000.00 |
$55/Month |
|
$20,000.00 |
$75/Month |
|
$30,000.00 |
$105/Month |
|
$50,000.00 |
$185/Month |
*Above examples
represent minimum payment available for typical CH 13 plan filed in Middle
District of Florida. Results may vary depending on your individual
circumstances. |
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Will Bankruptcy Affect My Credit?
There is no clear answer to this question.
Unfortunately, if you are behind on your bills, your credit may already
be bad. Bankruptcy will probably not make things any worse. The fact
that you've filed a bankruptcy can appear on your credit record for ten
years. But since bankruptcy wipes out your old debts, you are likely to
be in a better position to pay your current bills, and you may be able
to get new credit.
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Chapter 7 is the most common form of
bankruptcy, and is usually used to discharge, or ‘wipe out’, your
unsecured debt such as credit cards; medical bills; most personal
loans; judgments; deficiencies on repossessed property, etc.
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Chapter 13 is usually used if you are seeking to protect property such
as a home, boat or automobile from collections and repossession.
Chapter 13 requires you to have some regular source of income, and
affords you an opportunity to repay any delinquent debt amounts over a
3 to 5 year period, while you are entitled to keep possession of the
property you are seeking to protect.
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