When you need an absolute answer to questions about Chapter 13 bankruptcy Information, it is best to talk to a qualified lawyer. Most times an introductory interview is given at no charge. This article will provide basic information that may help in decide if this Federal action is right for you.
As an individual, you can file under this particular code. An individual can also mean an owner of a business entity but that entity cannot be a partnership or incorporated. An income that meets the person's basic expenses but comes short of the monthly debt responsibility is a candidate. Because of this requirement, Ch. 13 is also known as the wage earner's plan.
Chapter 7 is another code under which individuals can file. This section may allow you to keep your home and car (if the values fall within the parameters), but other non-essential assets will have to be forfeited to the trustee. Under this code, you will be able to have all debt incurred (prior to filing), discharged, therefore, negating any further repayment.
Under Ch. 13, you may still keep your home and car and most other assets. However, this section does not zero out your obligation to pay your creditors. You will still have to pay them, but through a modified plan set up through the court. Under this code, there are additional debts that can be discharged that are not dischargeable under others.
You may be able to stop a foreclosure on your home in the wage earner's plan. The past due payments might be able to be rolled into the court payment plan so you can become current. Other secured debts may be included in the court payment modification, thereby extending the repayment and lowering the monthly cost. Third party signers or co-signers may have protection under this type of action.
This is a consolidation. All of your debt will be handled by the trustee of the court. You will have one payment per month and will be responsible for making it to the trustee's office. The court will then disperse the money to the creditors. Your repayment plan is for thirty-six months, but under some situations, this can be extended for no more than an additional twenty-four months.
Chapter 13 bankruptcy Information can be confusing and amazingly detailed. This article is merely an introduction to the subject. For experienced and knowledgeable information, it is suggested you find a bankruptcy lawyer. Browse the internet to get more information, and to find a reputable lawyer in your area.
As an individual, you can file under this particular code. An individual can also mean an owner of a business entity but that entity cannot be a partnership or incorporated. An income that meets the person's basic expenses but comes short of the monthly debt responsibility is a candidate. Because of this requirement, Ch. 13 is also known as the wage earner's plan.
Chapter 7 is another code under which individuals can file. This section may allow you to keep your home and car (if the values fall within the parameters), but other non-essential assets will have to be forfeited to the trustee. Under this code, you will be able to have all debt incurred (prior to filing), discharged, therefore, negating any further repayment.
Under Ch. 13, you may still keep your home and car and most other assets. However, this section does not zero out your obligation to pay your creditors. You will still have to pay them, but through a modified plan set up through the court. Under this code, there are additional debts that can be discharged that are not dischargeable under others.
You may be able to stop a foreclosure on your home in the wage earner's plan. The past due payments might be able to be rolled into the court payment plan so you can become current. Other secured debts may be included in the court payment modification, thereby extending the repayment and lowering the monthly cost. Third party signers or co-signers may have protection under this type of action.
This is a consolidation. All of your debt will be handled by the trustee of the court. You will have one payment per month and will be responsible for making it to the trustee's office. The court will then disperse the money to the creditors. Your repayment plan is for thirty-six months, but under some situations, this can be extended for no more than an additional twenty-four months.
Chapter 13 bankruptcy Information can be confusing and amazingly detailed. This article is merely an introduction to the subject. For experienced and knowledgeable information, it is suggested you find a bankruptcy lawyer. Browse the internet to get more information, and to find a reputable lawyer in your area.
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