Understanding the Bankruptcy Rules

Posted by Scarlett Lu
ByAleksandra Todorova

BANKRUPTCY IS A BIG step — one that will follow you around for seven to 10 years, depending on the route you take. And the requirements have become much stricter thatn they were a few years ago, thanks to changes in bankruptcy law.

Here are answers to the 10 most frequently asked questions about bankruptcy.

1. The Basics
   
2. What is the difference between Chapter 7 and Chapter 13?
3. Is Chapter 7 bankruptcy right for me?
4. When does Chapter 13 make sense?
5. Can I choose the type of bankruptcy I file?

   The Process
   

6. Do I have to go through credit counseling before I file?
7. Under Chapter 7, are there any restrictions on the kind of debts that can be discharged?
8. Can I choose not to discharge certain debts in Chapter 7?

   The Aftermath
   

9. What happens to my credit after bankruptcy?
10. How do I rebuild my credit?
11. How soon can I consider larger loans, like a mortgage?

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http://www.smartmoney.com/personal-finance/debt/understanding-the-bankruptcy-rules-15647/