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Can You File Bankruptcy on Taxes and Get Relief? Can you file bankruptcy on taxes? This is one of the most common questions people ask when they’re drowning in IRS debt. The short answer is yes, but only in certain circumstances. Bankruptcy may help you discharge some income tax debt, but strict rules determine what […]
When you file for bankruptcy, understanding what kind of loan debt is not alleviated when you file for bankruptcy can prevent costly surprises during your financial recovery. Many people assume bankruptcy eliminates all debts, but federal law actually protects certain creditors by designating specific loan types as non-dischargeable. Dischargeable debts, such as credit card balances […]
Immediate Answer: How Long Does Bankruptcy Stay on Your Credit File How long does bankruptcy stay on your credit file depends on the bankruptcy chapter you filed. Chapter 7 bankruptcy remains on credit reports for 10 years from the filing date, while Chapter 13 bankruptcy stays for 7 years. The Fair Credit Reporting Act (FCRA) […]
Direct Answer: If You File Bankruptcy Can You Buy a House If you file bankruptcy can you buy a house? Homeownership may be possible after bankruptcy discharge, depending on the loan program, timing, and individual financial circumstances. The Federal Housing Administration (FHA) allows home purchases just two years after Chapter 7 bankruptcy and one year […]
Understanding Bankruptcy: Why Would Someone File for Bankruptcy Why would someone file for bankruptcy? This legal process provides debt relief when individuals or businesses cannot pay their financial obligations. Bankruptcy offers a fresh start by eliminating or restructuring debts under federal court protection. Understanding the reasons behind this decision helps clarify when bankruptcy may be […]
Quick Answer: How Many Times Can a Person File Bankruptcy According to the U.S. Trustee Program, federal law places no lifetime limit on bankruptcy filings, but strict waiting periods and eligibility requirements control when you can file again after a previous case. The waiting periods depend on your previous bankruptcy type and desired new filing. […]
The timeline for how long after you file bankruptcy can you buy a house depends on your bankruptcy type and loan program. Chapter 7 bankruptcy requires a 2-4 year waiting period, while Chapter 13 allows home purchases after 2 years with court approval. FHA loans offer shorter waiting periods compared to many traditional mortgages, which […]
Filing Frequency Rules: How Often Can You File Bankruptcy Chapter 7 How often can you file bankruptcy chapter 7 depends on federal bankruptcy laws that establish specific waiting periods between filings. The standard rule requires an 8-year waiting period between Chapter 7 bankruptcy discharges. This means you cannot receive another Chapter 7 discharge until eight […]
How often can you file chapter 7 bankruptcy is a critical question for individuals facing repeated financial hardship. The answer is straightforward: you can only file for Chapter 7 bankruptcy once every eight years from the date of your previous filing. This federal restriction helps prevent abuse of the bankruptcy system while maintaining a structured […]
Did Party City File for Bankruptcy in 2024? Yes, did Party City file for bankruptcy is a question with a definitive answer – the party supply retailer filed for Chapter 11 bankruptcy protection on December 21, 2024, marking its second bankruptcy filing in less than two years. This latest filing came alongside the announcement that […]