Most people believe that if you file bankruptcy your credit will be ruined. While it is true that filing a bankruptcy case will affect your credit, it does not mean that you cannot re-establish credit after your bankruptcy case is over. Most people who file bankruptcy have already taken a hit on their credit [...]
The following is an overview of the early course of a typical Chapter 12 bankruptcy case. See Chapter 12: Basics and Eligibility for an overview. Filing the Petition This type of bankruptcy case begins by filing a petition with the bankruptcy court serving the area where the individual lives or where the corporation [...]
Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry out a plan to repay all or part of their debts. Under chapter 12, debtors propose a repayment plan to make installments to creditors over three to five years. [...]
