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Source: bankruptcylawnetwork.com
Video: Law Videos – Bankruptcy Law – Chapter 13
Don’t Go Alone: A Bankruptcy Law Blog: What to do when you receive a Notice of Bankruptcy? Step 1: Identify the Chapter
As you can see the title of the Notice identifies whether it is a Chapter 7 or Chapter 13 case. The notices differ as well in terms of the instructions they may provide because of the differences in these types of cases. Below we explain a little more about why the type of case matters. If you would like more information about bankruptcy visit our website. The most common types of bankruptcy that you will encounter are Chapter 7, 11 and 13. Chapter 7 Bankruptcy sometimes referred to as “liquidation”, is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Chapter 7 is available to both individuals and businesses. Under Chapter 7 the debtor may claim certain property as exempt under the governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors. After liquidation of these non-exempt assets, all remaining qualified debts are then discharged and the creditors are out of luck. Chapter 11 Bankruptcy sometimes referred to as “reorganization”, is designed for debtors in financial difficulty who may have the ability to pay their existing debts in part. Chapter 11 is available to both individuals and businesses, though is more typical for businesses. Under Chapter 11 the debtor must propose a plan that results in more payments to debtors than they would get under a liquidation. The plan must be approved by a council of creditors. Chapter 13 Bankruptcy involves the repayment of all or part of the debts of an individual with regular income. Chapter 13 is designed for individuals with regular income who desire to pay their debts in installments over a period of time. Debtors are only eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code. Under Chapter 13, the debtor must file with the Bankruptcy Court a plan to repay their creditors all or part of the money they owe, using future earnings. The period allowed by the court to repay the debts may be three (3) to five (5) years. The court must approve the plan before it can take effect. Our next post will address the following step for identifying what you should do with this notice after you have identified the type of bankruptcy: Are you actually a creditor, or did you receive the Notice for some other reason?
Source: blogspot.com
Nothing found for Bankruptcy Dealing
In a recent Chapter 7 bankruptcy in Texas, a creditor attempted to have a debtor’s bankruptcy discharge denied because they allegedly made a false oath. The bankruptcy code describes the parameters for which a debtor’s discharge can be denied as the following: Denial of Discharge Under §727(a)(4)(A): False Oaths. Section 727(a)(4)(A) provides that: (a) The [...]
Source: allmandlaw.com
Help! I Need to File Bankruptcy But Already Did One a Few Years Ago
But Chapter 13 provides a number of other benefits distinct from the discharge of debts. For example, it stops a foreclosure and gives you years to catch up on your mortgage arrears. It also stops extremely aggressive collection of unpaid support payments, including the suspension of professional/occupational/driver’s licenses, again giving you years to bring it current. It may be able to significantly reduce what you pay for your vehicle through a “cram down.” For these and other reasons it can make a lot of sense to file a Chapter 13 case while knowing that you’ll not get a discharge of any of your debts. You may not even have any debts to discharge, but just need one or more of those other powerful benefits.
Source: petersonlawhawaii.com
Chapter 7 bankruptcy filed by recycling firm
In Roscoe, Total Waste was referred to at times humorously as a company assisting residents to recycle “whether they like it or not.” Residents of the town were encouraged to put general garbage and items to be recycled into the same container, with the company doing the work of sorting things out to see which items were suitable for recycling processing. This feature of their service was reportedly popular with customers and was believed to have resulted in a greater amount of recycling taking place.
Source: affordablebankruptcychicago.com
Bankruptcy Explained: Chapter 13
The materials available at this website are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use and access to this website or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
Source: bankruptcylawmilwaukee.com
Denver Chapter 13 bankruptcy homeowners should take note
In a Chapter 13 bankruptcy filing, Denver homeowners are supposed to be protected from further charges accruing during the pendency of their case, the bankruptcy court decides otherwise. Federal Rule of Bankruptcy Procedure 2016(a) specifically requires that lenders must obtain court permission before they can collect any reimbursable fees or costs during the pendency of a Chapter 13 case. Homeowners who feel that a home lender may have violated this particular requirement may want to research whether they may have recourse under the law to prevent a home lender from improperly charging them such fees.
Source: denverbankruptcylawblog.com
Differentiating Between Chapter 7 and Chapter 13 Bankruptcy
Here again, the main benefit of Chapter 13 over Chapter 7 is that the petitioner will be able to keep his properties that would or else be sold off to repay the unsecured creditors whom you owe money. A debtor who will file Chapter 7 can only retain the non-exempt properties by paying the trustee with the cash value of the property. You can repay your debt according to the new repayment plan that will be set by the Bankruptcy court. You can even feel satisfied about paying back a portion of your debt through this type. You can classify your creditors according to the priorities but only if this is accepted and allowed by the court. The automatic stay that will be imposed on the debtor will also be extended to the co-debtors who have even guaranteed the loan on behalf of the debtor.
Source: thestudentappeal.com
Chapter 13 Bankruptcy Keep Your Property & Repay Debts Over Time
After a 341 hearing, a debtor or the legal representative needs to attend a hearing open to the public on the repayment plan. At the hearing, a judge will discuss a person’s repayment plan with the trustee, and ask the debtor or the attorney any questions to make sure the person is able to make the monthly payments under the plan. The creditors may object to the plan. Once a plan is approved, a debtor begins making payments pursuant to the plan. Part of the payments goes towards paying the trustee’s fees. When the repayments are complete, any remaining unpaid debts will be discharged in full.
Source: sbkass.com
What Is a Chapter 13 Bankruptcy?
The answer is a Chapter 13 filing, also known as “reorganization.” In this filing the debtor submits a plan showing how the debtor will pay off some of their past due and current debts. The debtor is able to keep most of their property. In a plan filed with the court and approved by the trustee, the debtor will have three to five years to catch up on delinquent accounts. Chapter 13 is convenient for the debtor: they make one monthly payment to the trustee, who distributes the money directly to the creditors. If a debtor is considering a Chapter 13 filing, they need to be aware of the individual filing guidelines. An individual debtor can file if their unsecured debts are below $360,475, and secured debts are less than $1,081,400.
Source: lakelandlawyers.net