Bankruptcy is a legal agreement between a debtor and creditor that, when finalized, allows debtors to be free from debts. There are various contingencies associated with bankruptcies, as well as a variety of different types of bankruptcies, like Chapter 13....
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...
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...
is liquidated– as are most of your assets– a Chapter 13 plan allows a person to keep most or all of his or her property, regardless of whether the asset is considered exempt or nonexempt. The process to file for a Chapter 13 bankruptcy is more sophisticated than a Chapter 7, so you...
The two most common kinds of consumer bankruptcy areChapter 7 and Chapter 13. Chapter 11 bankruptcy is typically used by businesses. Here’s a breakdown: Chapter 7 bankruptcy Known as “liquidation” since most unsecured debts are forgiven,Chapter 7 bankruptcyis the fastest and most common ...
Chapter 13 bankruptcy is a type of personal bankruptcy that allows individuals to reorganize their debts under a court-approved repayment plan rather than liquidating their assets. This type of bankruptcy was established as part of the Bankruptcy Reform Act of 1978, which overhauled the bankruptcy co...
In a Chapter 13 bankruptcy student loans are paid through the plan, however any remaining balance must still be paid after the plan payments have been made and the debtor has been discharged.Another exception to discharge is certain income taxes. Generally in Chapter 7, the tax assessment must...
This means that, while a Chapter 13 plan is in effect, you will not have direct contact with your creditors.5 While filing for individual bankruptcy can eliminate some of your debts and protect some of your assets, there are several disadvantages to be aware of. Filing for bankruptcy will ...
Bankruptcy is a legal process whereby a person or business legally declares themselves unable to pay their debts. Bankruptcy can be a way to wipe the financial slate clean and start over. Two Types There are several types of bankruptcy, but the two most common are Chapter 7 and Chapter 13....
In a Chapter 13 bankruptcy, the debtor is allowed to keep more of their assets than in a Chapter 7 bankruptcy, but they must agree to a plan to repay their creditors over a certain period, typically three to five years.5 What Is an Administrative Freeze?