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BANKRUPTCY
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federal bankruptcy court, an individual, firm, corporation or
individuals can restructure or relieve themselves from payment of
debts and liabilities. There are a variety of chapters to declare
under. The most common for an individual seem to be a "Chapter 7 No
Asset" bankruptcy which relieves the borrower of most types of
debts. A borrower cannot usually qualify for an "A" paper loan for a
period of two years after the bankruptcy has been discharged and
requires the re-establishment of an ability to repay debt. |
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BACK TO GLOSSARY |
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Simplicity
Mortgage - 6180
E. State Street, Suite #5 - Rockford, IL.
61108
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