this post was submitted on 26 Dec 2023
649 points (95.8% liked)
Memes
45729 readers
686 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I've been through it and the attorneys involved stated up front, no individual can apply for "Chapter 11" bankruptcy, and then they proceeded to give me the current literature about state law. Maybe it's differerent from state to state, but where I live individuals are not allowed to file for Chapter 11 bankruptcy.
Everyone I've talked to that went through what I did was required to file for Chapter 7 bankruptcy instead. And yes it did tank my credit, until I paid off the bankruptcy and had it discharged. Then suddenly I was getting notices about "preapproval for credit" once again (which I totally disregard, I'm not going through all that again!).
It does not vary by state. Usually 7 or 13 are better/faster for individuals - but there's no reason you can't.
https://www.debt.org/bankruptcy/chapter-11/
Sounds good.