Simple Advice Regarding the Bankruptcy Procedure
"""With the assistance of a Chapter 13 bankruptcy attorney, Chapter 13 allows the consumer/debtor to keep their residence and vehicles and to repay a portion of their debt at a low interest rate or without interest over a number of years, after which the bankruptcy is discharged. A consumer who files for Chapter 13 bankruptcy has the opportunity to repay some or all of their debts over a maximum of five years. In contrast to Chapter 7, which requires the bankruptcy court trustee to sell the consumer/debtor's non-exempt assets to repay creditors, Chapter 13 permits the consumer/debtor to restructure their debt through their bankruptcy attorneys and make one affordable monthly payment based on their income. The consumer/debtor must demonstrate to the court that they are capable of making payments and have a steady income.Process of Bankruptcy: Chapter 13 Details; How to File Chapter 13 Because Chapter 13 bankruptcy is essentially a debt consolidation program administered by the US federal government, the consumer/debtor is permitted to retain all of their property. Essentially, the consumer/debtor is proposing to pay back up to the total amount owed, based on their income.* The Chapter 13 bankruptcy attorney will create a written plan for the interest-free repayment to creditors * The plan will outline all of the payments that will be made and the length of the plan, which can be up to five years * The Chapter 13 bankruptcy repayment must begin within 45 days of the bankruptcy filing * If, during the course of your Chapter 13 bankruptcy, something happens that affects your ability to keep up with your bankruptcy repayments, one of yoIn contrast to Chapter 7 bankruptcy, Chapter 13 bankruptcy offers the option of a complete discharge, which is not available in Chapter 7 bankruptcy. A debtor/consumer will receive a full bankruptcy plan discharge after completing their entire payment plan, which could take up to five years in the worst-case scenario. The consumer's repayment plan can be created if the bankruptcy court authorizes it, even if the creditor does not.
" - https://www.affordablecebu.com/
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"Simple Advice Regarding the Bankruptcy Procedure"
was written by Mary
under the Finance / Wealth
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comments. The article was created on 03 June 2023
and updated on 03 June 2023