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Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
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Old 02-24-2003, 12:08 PM
blondie6333
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Question

chapter 7 or 13 bankruptcy


What is the name of your state? What is the name of your state? VA
My boyfriend has 15,000 dollars in credit card debt that he can not afford to pay off (i.e. has student loan payments coming up and makes little money). Since his total assets do not total more than 1,000 dollars (no car, property, furniture, computer, etc.) he was advised to file for chapter 7 bankruptcy instead of chapter 13. Is this the best way for him to go? I know that chapter 7 stays on his record for 10 years and chapter 13 for only 7 years and was wondering if we should consider other options? I was also wondering if his filing for bankruptcy would affect my credit (which is in great shape) if we were to get married at some point.
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Old 02-24-2003, 02:23 PM
dorenephilpot
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The question is whether he wants to walk away from his debts (chapter 7) or pay back all of his disposable income to a trustee for the next three to five years (chapter 13)?

He qualifies for either.

Yes, a 13 might "look" better because he's paying back some of the debt.

The question, though, is this the type of fresh start he's wanting?
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