How Long Do Bankruptcies Stay on Your Record?
Bankruptcy can put a wrench in your financial life, but it doesn’t have to ruin your future forever. That’s because a bankruptcy can stay on your credit report for 10 years. That’s why bankruptcy should always be considered seriously before filing.
Bankruptcy Records By Name
It’s important to note that there are two common types of bankruptcy that most people should be aware of. Those two types are chapter 7 and chapter 13 bankruptcy. Here are some of the main differences:
- Chapter 7 bankruptcy. This type of bankruptcy is typically associated with a fresh start for individuals or couples. Typically, chapter 7 bankruptcy is used for medical bills, credit card balances, personal loans and similar types of debt. Many people filing for chapter 7 bankruptcy can keep basic possessions and some equity in a vehicle.
- Chapter 13 bankruptcy. This is typically reserved for high-income individuals. This type of bankruptcy works to help form a plan to repay debts over three to five years. This can be helpful for individuals swamped with an un-payable debt now. Chapter 13 bankruptcy is often used to help high wage earning individuals catch up on home or car payments without other debts getting in the way.
- Alabama Bankruptcy Court Directory Middle District Court
Alabama Middle Bankruptcy Court Northern District Court
Alabama Northern Bankruptcy Court Southern District Court
Alabama Southern Bankruptcy Court