Chapter 13 Bankruptcy Definition and Legal Meaning On this page, you'll find the legal definition and meaning of Chapter 13 Bankruptcy, written in plain English, along with examples of how it is used. Sorry, the video player failed to load.(Error Code: 101102) What is Chapter 13 Bankruptcy...
Chapter 13 is a type of bankruptcy proceeding in which debtors agree to areorganizationof their financial obligations under the supervision of a court. Individuals and married couples, even if self-employed or operating an unincorporated business, are eligible to file for Chapter 13 bankruptcy.1Here...
Chapter 13 is less about the elimination of debt (Chapter 7) and more about the reorganization of your finances. The Chapter 13 process requires that the debtor (that’s what we call the person who files the bankruptcy case) make a monthly payment to a Chapter 13 Trustee for a period of...
Chapter 13.Chapter 13 bankruptcy allows individuals to reorganize their debts and create a payment plan to repay creditors over three to five years. This approach is often used by companies or individuals that have solid revenue or earnings and expect to be able to make creditors whole over time...
Chapter 13: The Chapter 13 process lets those in financial trouble keep their property and pay debts over time, usually three to five years. Chapter 15: This is the most recent addition to the bankruptcy code; it addresses international bankruptcy issues. Tip If you're considering taking out ...
The disadvantage with the process is that it results in loss of assets. On the other end, there is Chapter 13 bankruptcy, a debt reorganization procedure that allows you to create a debt repayment plan to repay debt. The plan can extend up to five years and you don’t need to liquidate...
if you stick with your payment plan to the end, then any remaining consumer debt and eligible secured debts will be discharged. You may be left with debts that arenot discharged, such as student loans. Chapter 13 discharge is personal, meaning that any cosigners may still be obligated to ...
Bankruptcy Trustee – Meaning, Responsibilities, and More A bankruptcy trustee is the second most important person after the debtor in the bankruptcy. This trustee manages the debtor’s property and is also…Read Article Bankruptcy – Chapter 13 ...
Automatic Stay in Bankruptcy – Meaning, Protections and More Automatic Stay is a term related to the process of bankruptcy filing. As the word suggests, it protects the debtor from the creditors, giving…Read Article Bankruptcy – Chapter 13 ...
This type of bankruptcy should be used as a last resort. It usually has much harsher consequences on credit and future endeavors. Chapter 13 Bankruptcy Chapter 13, on the other hand, is the process of reorganizing debt to make it more manageable for debtors. Individuals who go through a Chap...