“Chapter 13 helps you catch up on secured debts like mortgages and car payments,” said Derek Jacques, consumer bankruptcy attorney with The Mitten Law Firm in Southgate, Mi. “Chapter 7 bankruptcy, by contrast, liquidates your assets to help discharge unsecured debts.” You can get a bit ...
2/ See previous issues of this column for documentation of points 1, 2, and 3, and also Culhane, Marianne B., and White, Michaela M., Taking the New Consumer Bankruptcy Model for a Test Drive: Means Testing Real Chapter 7 Debtors. 7 Amer. Bnkry. Inst. L.J. 27 (1999). The anti...
Chapter 20 Bankruptcy ◄ Current DocumentA Comparison of Chapter 13, 12, and 11 - Advantages and DisadvantagesBankruptcy Chapter Conversion ► Chapter 7 Bankruptcy ► Chapter 13 Bankruptcy ► Chapter 11 Bankruptcy
Chapter 9 provides bankruptcy relief to municipalities, including counties, cities, towns, villages, municipal utilities, school districts, and other taxing districts. Eligibility is also extended to public projects that produce revenue directly from users rather than from taxes, such as toll roads and...
The main difference between Chapter 13 and Chapter 7 bankruptcy is how debts are discharged. Chapter 13 allows people to discharge unsecured debts while catching up on their secured debts, such as car and home loans. By comparison, Chapter 7 prioritizes eradicating unsecured debts, such as medica...
How to Qualify for Chapter 7 Bankruptcy in Texas You must pass the means test to qualify for Chapter 7 bankruptcy. The test has two parts: a median income comparison and a disposable income analysis. The test aims to determine whether you can repay some of your unsecured debt. The first...
In comparison, the fees for filing Chapter 7 bankruptcy are $335, and the fees for filing Chapter 13 bankruptcy are $310. It’s best to hire a bankruptcy attorney to help with all types ofbankruptcy filings. How is Chapter 11 bankruptcy different from Chapter 7 bankruptcy?
Decline in the filings under the Chapter 11 federal bankruptcy law; Sharp decline in the Chapter 7 filing; Boom in the Chapter 13 filings; Comments from bankruptcy attorneys and other turnaround experts on...
Such a type of bankruptcy applies to farms and fisheries under sole proprietorship (married or single) and under partnerships and corporations. In comparison to Chapter 13, Chapter 12 gives more flexibility in terms of payment as it considers the seasonal nature of the farming and fishing business...
Electronic Payment: 10.4018/978-1-60566-026-4.ch212: Money has two main forms nowadays: the fiduciary money (coins, banknotes…) and the scriptural one (electronic or virtual). To pay goods, both are used. The