A New York Chapter 13 bankruptcy lawyer advises that a repayment amount can depend on many factors. There is no straight answer. The repayment amount will consider the individual’s median monthly income, their monthly disposable income (the amount of money remaining after living expenses are paid...
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? It is a way of filing a bankruptcy in which...
Filing for Chapter 7 Bankruptcy: What You Need to KnowChristopher M. Kennedy
Chapter 13 bankruptcyis a process that allows a debtor to seek shelter from creditors and set up a debt repayment plan while protecting their assets from liquidation. It is a common type of bankruptcy, but it's only available to individuals with sufficient income to stick with the repayment pl...
Chapter 11 bankruptcy Called a “reorganization” bankruptcy, this chapter is typically used by corporations and businesses. Best for:Businesses that want to keep operating. Eligibility Cannot have filed a bankruptcy petition in the previous 180 days that was dismissed because you failed to appear in...
Chapter 13 bankruptcy can give you a financial clean slate by erasing certain debts and giving you a chance to catch up on your payments. However, your mortgage is generally not one of the debts erased by bankruptcy. If you cannot stay current with all your house payments during your Chapter...
Whether you file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, you need to know which one suits your situation better and can bring you relief. Hopefully, the above pointers have provided you with the basic understanding of both. Of course, there is more to it than meets the eye, ...
Chapter 13 Bankruptcy Chapter 13bankruptcy allows you to retain your assets, but you must agree to a plan to repay your debts over a period of three to five years. The trustee collects your payments and distributes them to your creditors. Chapter 13 bankruptcy is normally chosen by people wh...
However, on balance, I think if you have to file for bankruptcy, a chapter 13 bankruptcy is better than chapter 7. Chapter 7 wipes everything out so you don’t have to repay anyone; with chapter 13, you do need to repay some or all of your bankruptcy debt, just as your uncle did...
intobankruptcy. Creditors can request involuntary bankruptcy if they think that they will not be paid if bankruptcy proceedings don't take place. They must seek a legal requirement to force adebtorto pay their debts. Typically, the debtor is able to pay their debts but chooses not to for ...