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Posted by admin | Posted in Bestsellers | Posted on 20-08-2008
Tags: 13, 7, attorney, bankruptcy, chapter, chapter 11 bankruptcy, chapter 11 bankruptcy information, chapter 13, chapter 7 bankruptcy, chapter 7 bankruptcy information
The Chapter 13 bankruptcy is the answer to your problems?
Chapter 13 is the chapter under the bankruptcy code allows a person to pay all or part of it or its debts under the protection of bankruptcy court. Chapter 13 is designed for individuals with incomes wish to pay their regular bills, but now can not.
Unlike Chapter 7, which is a complete discharge of debt, Chapter 13 is a reorganization debt owed to creditors. With this reorganization, a payment schedule whereby the employee makes timely payments to creditors for a period of three to five years to pay.
Chapter 13 is often used by people who want to catch up past due mortgage or loan payments Car and maintain their assets. Chapter 13 is usually chosen by those who wish to pay all or part of their unsecured debts and has at least some income to do so. This type of bankruptcy is an option used by those who have non-exempt assets of value, like a house or car, which could be lost in a case of chapter 7.
Chapter 13 is a good option for some debtors facing foreclosure or recovery of their assets due to delays in payments but want to keep these items and can now afford to make regular payments. Some are not eligible for a discharge under Chapter 7 because the debtor has too much income and / or assets too. There are also those who have Chapter 13 bankruptcy, because they simply are not eligible for Chapter 7 protection because it has been declared and received a discharge in Chapter 7 in the last eight years.
Debtors who have a regular source of income repay some or all of their debts over a period of three to five during which they are free from harassment by their creditors. The debtors in Chapter 13 to keep all their property, whether or not free, but they make regular payments on its debts with the money they earn after filing the bankruptcy case.
Chapter13 is a part of the U.S. Bankruptcy Code U.S. that allows people to reorganize their debts under the protection of a federal court. Chapter 13 bankruptcy allows you to keep assets that could be liquidated under Chapter 7, such as vehicles or a house. Bankruptcy is a federal court process that puts you under the protection of bankruptcy court, while trying to pay their debts.
Creditors may receive all or a portion of their claims, depending mainly on the payments you can afford to do. The creditors are usually paid by the debtor's income and not the debtor's assets. Creditors can not sue or attachments against him during the chapter 13 case, and if the debtor is granted a discharge in Chapter 13 are prohibited from attempting to collect any discharged debt after the case is closed. Creditors also must refrain from any collection activities during the term of the plan.
debts similar to Chapter 7 bankruptcy, some are not discharged in Chapter 13 also. Debts not discharged in Chapter 13 are long term certain obligations (eg home mortgage) debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving drunk or under the influence of drugs, and debts for restitution or pay a fine placed on a debtor's decision to convict a crime. The debts that have proven to be the result of fraud or breach of fiduciary duty by the debtor not be discharged in a Chapter 13.
Chapter 13 is an ideal choice for anyone who is lagging behind on the mortgage and car payments and need help from someone to keep your home and / or vehicle. Chapter 13 is a payment plan that helps you reorganize your bills on the basis of their income. Chapter 13 is often called "the employee plan, because a bankruptcy filing chapter 13 debtor must have an income, employment generally, to contribute a court approved Chapter 13 plan to pay the debt. Whether you call it a payment plan, a plan of reorganization or plan of an employee, Chapter 13 is a form of bankruptcy and will appear as such on your credit report if you pay all creditors in full.
About the author
BetterCreditSecrets is a resource site for those considering chapter 13 bankruptcy or need information about filing bankruptcy. Visit us or check out our article directory.
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