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What Happens to My Retirement Accounts in Bankruptcy?

Due

are Chapter 7 and Chapter 13. Chapter 7 Bankruptcy. Known as “liquidation bankruptcy,” Chapter 7 involves selling non-exempt assets to pay creditors. In Chapter 13 , the debtor reorganizes his or her debts and creates a structured repayment plan that lasts three to five years.

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What Happens When a Business Has to File for Bankruptcy

Fundera

Small businesses have three basic options for filing for bankruptcy: Chapter 7, Chapter 13, and Chapter 11. Chapter 7: This is an option if you do not have a means to keep your business running, even with a restructure. Read more about small businesses filing Chapter 7.

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Your Customer Filed for Bankruptcy: Now What?

Your Virtual Credit Manager

Confirm that the bankruptcy has actually been filed with the bankruptcy court, and which type (usually Chapter 7 liquidation, Chapter 11 reorganization, or Chapter 13 if an individual is operating as a sole proprietor). Check out Using Collateral to Make the Sale for more information on filing a UCC.

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What Happens When You File for Business Bankruptcy?

Fundera

Business owners can file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy, depending on the business’s debt levels and financial situation. A Chapter 7 filing typically ends in the liquidation of the business, with the assets distributed among creditors. Chapter 7 Bankruptcy (Liquidation).

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The Potential Impact of Adverse Public Records on Credit Reports

CreditStrong for Business

Equifax, Experian, and TransUnion are the major credit bureaus or credit reporting agencies that collect and report this information. A record that is legally considered public is any data or information that governmental entities must maintain and make reasonably accessible. How Do Public Records Affect Your Credit Score?

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Getting a Business Loan After Bankruptcy

Lendio

Type Description Chapter 7 Known as “liquidation bankruptcy.” Chapter 11 Aimed at businesses, allowing them to remain operational while reorganizing debts. Chapter 13 An individual’s debt is reorganized into a payment plan over three to five years. ” It involves selling off assets to pay debts.

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Online Credit Reports & How They Are Tracking Everything You Do

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You may also receive different interest rates based on the information on your credit reports. The reason for this is that credit scores are calculated using information from your credit report. Essentially, your scores summarize the information in your credit report. Personally Identifiable Information (PII).