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| Bankruptcy |
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| Chapter 20 | ||
| Sometimes it is more efficacious to put your Chapter 13 on hold and file for Chapter 7 first. This is sometimes referred to as a "Chapter 20" bankruptcy. | ||
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| Why would you do such a thing? The reason is because in Chapter 7 bankruptcy, you can wipe out most unsecured debt and eliminate your personal liability on a secured debt. Then as soon as your chapter 7 bankruptcy is over, a process that takes between four to six months, you can immediately file a Chapter 13 bankruptcy to pay off your nondischargeable debts. | ||
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Consumer Debt Group, Inc. does not provide any legal representation. Consumer Debt Group, Inc. deals with licensed attorneys and our affiliated law firm has attorneys throughout the nation who are credit card debt settlement specialists.
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