I need assistance with summarizing the following questions:
1. Who may file Chapter 7 bankruptcy? How has this changed over the past few years?
2. What are some of the reasons people file bankruptcy?
3. How does bankruptcy affect interest rates on loans? Credit cards?
**Please summarize in your own words© BrainMass Inc. brainmass.com October 10, 2019, 12:20 am ad1c9bdddf
1) Individuals who are under the median income rate and who have little equity in real estate and vehicles, and other property may file a Chapter 7 bankruptcy. Over the past few years, the median income level to file a Chapter 7 has gone down, and thus more individuals have to file a Chapter 13 since they are not able to file the Chapter 7.
2) People file bankruptcy because they cannot keep up with their ...
Who may file Chapter 7 bankruptcy and how has this changed over the past few years is determined. Some of the reasons people file bankruptcy are provided. The expert determines how bankruptcy affect interest rates on loans and credit cards.