Many people filing a bankruptcy that is personal either Chapter 7 or Chapter 13. Chapter 7 is just a liquidation of unsecured outstanding debts which often takes about 4-6 months. Chapter 13 reorganizes your financial troubles right into a consolidated repayment plan that will endure 3-5 years. Filers must add all debts on the bankruptcy petition. a loan that is payday probably be dischargeable in a Chapter 7 since it isnвЂ™t mounted on any home. Nonetheless, Chapter 13 filers will repay at the very least a part of the un-secured debts through their re payment plan. Some or all the stability will likely be disseminate on the 3-5 12 months plan.
2. The Automatic keep may not protect you for those who have pay day loans.
As soon as either a Chapter 7 or Chapter 13 bankruptcy petition is filed, the automated keep becomes effective.