Our office helps clients with petitions for Chapter 7 Bankruptcy, also called "Straight Liquidation Bankruptcy."
Please read below for the two different types of consumer bankruptcy.
Chapter 7 Bankruptcy
There are income requirements for filing a Chapter 7 bankruptcy. You must make at or under the amounts listed below:
The Chapter 7 Bankruptcy stays on your credit for 10 years. You can file for a Chapter 7 Bankruptcy every 8 years and is measured from the date of filing. While there is no exact measurement for the number of points off your FICA score, you can expect at least a 100 point drop. You can rebuild your credit within a couple of years if you don't have new negative marks. Things that help rebuild your credit are: making your car payment on time, your house payment and on credit cards, etc. Living at the same address for a long period of time and working at the same job can help as well.