| Bankruptcies remain on an individual's
credit history for a period of ten years and can greatly affect the ability to
qualify for credit and loans. As well, a bankruptcy on a credit history can affect
job applications, housing applications and other import details of an individual's
life and well being. Bankruptcy is a legal procedure. For those applying for bankruptcy
in order to get a fresh financial start, a discharge is what they seek. This discharge
is when a court decides that an individual isn't obligated to repay certain debts
they owe. There are two types of personal bankruptcy, both
of which must be filed in federal bankruptcy court. They are Chapter 13 bankruptcy
and Chapter 7 bankruptcy. Bankruptcy costs include a bankruptcy filing fee of
$130 and an administrative fee of $30 for a total cost of $160. Legal and attorney
fees are not included in that amount, and can vary greatly.
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