Bankruptcy (Federal & Private)
The bankruptcy (federal & private) process involves the processing of federal or private (chapter 7 and 13) bankruptcy cases. Chapter 7 is designed to wipe out general unsecured debts (credit cards, medical bills, etc.) and debtors must have little or no disposable income to qualify. Chapter 13, on the other hand, is designed for debtors with a regular income who can pay back at lease a portion of their debts through a repayment plan. If a debtor makes too much money to qualify for a Chapter 7 bankruptcy, they may have no choice but to file for Chapter 13. This process includes a review of received claims, forbearance request processing, guarantor letter processing, filing the claim within the court system (for federal bankruptcies only), shifting of loan to cosigner (when possible) and the resumption of collections activities (after debtor emerges from bankruptcy).
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