What Chapter13 Bankruptcy Laws Exactly Is?
A person's debt is reorganized for repayment. To be eligible for this type of bankruptcy, you must have a steady source of income from which you can make monthly payments to your creditors for the next 3-5 years. How much you have to pay back and what your monthly payments will be are determined by the bankruptcy court and based on things like how much money you owe, how much money your creditors would have received had you filed Chapter 7 bankruptcy, and how much you can afford to pay per month.
How much you have to pay back and what your monthly payments will be are determined by the bankruptcy court and based on things like how much money you owe, how much money your creditors would have received had you filed Chapter 7 bankruptcy, and how much you can afford to pay per month. Chapter 13 is designed for individuals with regular income who want to pay their debts, but need some time to do so. To be eligible for this type of bankruptcy, you must have a steady source of income from which you can make monthly payments to your creditors for the next 3-5 years.
Unlike a Chapter 7 filing, is that the debtor is required to follow a rigid repayment schedule making payments on both unsecured and secured debt for years to come are the draw back of a Chapter 13 filing. During this period of repayment, the bankruptcy proceeding remains open and it is often difficult for the debtor to get a credit card or even open a checking account.
A financial reorganization allows the debtor forgiveness of some of the debt while mandating a scheduled plan of repayment for the remainder of the debt. The Bankruptcy Code allows both consumer debtors and corporate debtors to file a petition seeking financial reorganization. Debt reorganization filings, such as Chapter 13 filings, have several benefits over a Chapter 7 filings. During this period of repayment, the bankruptcy proceeding remains open and it is often difficult for the debtor to get a credit card or even open a checking account. Unlike a Chapter 7 filing, is that the debtor is required to follow a rigid repayment schedule making payments on both unsecured and secured debt for years to come are the draw back of a Chapter 13 filing.
Stockholder interests must also be addressed by a business filing a Chapter 11. The plan may ask the court to restructure the stockholders' interests and modifying the company's obligation of payment on a stockholders secured and unsecured debts. When a human being selects this type of bankruptcy filing he or she files a Chapter 13 petition with the Bankruptcy Court. When a corporation of business entity selects this type of bankruptcy filing it files a Chapter 11 petition with the Bankruptcy Court. A business' Chapter 11 filing differs from a Chapter 13 filed by an actual person in that the business' reorganization proposal may call for both payments from sales of some business assets and payments using future business income.
How much you have to pay back and what your monthly payments will be are determined by the bankruptcy court and based on things like how much money you owe, how much money your creditors would have received had you filed Chapter 7 bankruptcy, and how much you can afford to pay per month. Chapter 13 is designed for individuals with regular income who want to pay their debts, but need some time to do so. To be eligible for this type of bankruptcy, you must have a steady source of income from which you can make monthly payments to your creditors for the next 3-5 years.
Unlike a Chapter 7 filing, is that the debtor is required to follow a rigid repayment schedule making payments on both unsecured and secured debt for years to come are the draw back of a Chapter 13 filing. During this period of repayment, the bankruptcy proceeding remains open and it is often difficult for the debtor to get a credit card or even open a checking account.
A financial reorganization allows the debtor forgiveness of some of the debt while mandating a scheduled plan of repayment for the remainder of the debt. The Bankruptcy Code allows both consumer debtors and corporate debtors to file a petition seeking financial reorganization. Debt reorganization filings, such as Chapter 13 filings, have several benefits over a Chapter 7 filings. During this period of repayment, the bankruptcy proceeding remains open and it is often difficult for the debtor to get a credit card or even open a checking account. Unlike a Chapter 7 filing, is that the debtor is required to follow a rigid repayment schedule making payments on both unsecured and secured debt for years to come are the draw back of a Chapter 13 filing.
Stockholder interests must also be addressed by a business filing a Chapter 11. The plan may ask the court to restructure the stockholders' interests and modifying the company's obligation of payment on a stockholders secured and unsecured debts. When a human being selects this type of bankruptcy filing he or she files a Chapter 13 petition with the Bankruptcy Court. When a corporation of business entity selects this type of bankruptcy filing it files a Chapter 11 petition with the Bankruptcy Court. A business' Chapter 11 filing differs from a Chapter 13 filed by an actual person in that the business' reorganization proposal may call for both payments from sales of some business assets and payments using future business income.
About the Author:
John Steed has many decades of experience dealing with bankruptcy. To learn more about Bankruptcy Laws visit Bankruptcy-Laws.org where you can find more information on Bankruptcy Credit Cards and filing bankruptcy online.
posted by Debt Consolidation Loan at
10:58 AM
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