Skip to main content

Filing Chapter 13



If it concerns different types of bankruptcy, there are other ways that you are able to file depending on who you are and where your income is currently tied up. Chapter 13 bankruptcy is a way of filing for people who live in   America. These people are going to experience a reorganization of their funds, which will be monitored, by a bankruptcy court. 

The chapter 13 bankruptcy is geared towards people who are in debt but who are currently earning money. If they're able to carry out a court sanctioned plan, they're going to be able to be altogether rehabilitated from their debts. If you're badly in debt, you have your choice of filing for either Chapter 7 or Chapter 13 bankruptcy. It's all going to depend upon what kind of income you're bringing in. If you're not earning enough income, there is not going to be any way that you can file for Chapter 13, because Chapter 13 requires that you carry out certain responsibilities. If you've filed for Chapter 13, you're going to have a plan to pay off your creditors over 3 to 5 years. In this time period, the creditors to whom you owe money cannot attempt to get this money from you except through the bankruptcy court. You'll still get to keep your property, and the creditors are going to end up with less money than they're actually owed. It's sometimes a good thing to file for Chapter 13 instead of Chapter 7. 

For example, you're going to be able to stop a bank from foreclosing on your home, and you will be able to have a mortgage that has been accelerated actually be reestablished once you've completed the plan. Nevertheless, the disadvantage is that you're going to have this on your record for at least 10 years. You're also not going to be able to get additional credit while you're trying to pay off your debts. If you file for Chapter 13, you're going to develop and file a program with the courts. This is going to tell you that you have to find ways to pay off your debts. These ways include committing every dollar of the money you earn towards the debts for at least 3 years, making sure that the creditors are going to get at least as much money as they would if you file for Chapter 7, and provide a meaningful pay off to your creditors. 


Labels:

Comments

Post a Comment

Popular posts from this blog

Playlist - Make Money Online $ Earn $10000+ Per Month Worldwide Tutorial - Ultimate Business Model

Upgrade today to make even more money while you sleep.... faster than ever! Do you like the sounds of making money without having to work? That's pretty much a rhetorical question. It's pretty sure that the answer is going to be "yes" for the vast majority of people. Why wouldn't you want to earn money without having to work? Of course for most people, this isn't likely to become a reality any time soon and there's always going to be effort involved in making a good living. But while you might not be able to get 'something for nothing', there is a good chance that you can bring in profit that is vastly disproportionate to the work you do. And what's more, is that you can stop 'swapping your time for money'. And in fact, you can do all that quite easily. What this course is talking about here is 'passive income'. This isn't 'getting money for nothing' but rather it means setting up a business model that can eventuall...
Post a Comment
Read more

Get an SBA Loan to Finance Your Startup

SBA (Small Business Administration) is a 7(a) loan program. Out of all the different financing options which are available, SBA loan program is amongst the very best.  SBA 7(a) loan program is focused on helping small business-owners with a bank loan when they need financial assistance. Getting your business started with bank financing is a very good way to start out, if you are able to get it. It’s recommended that you check out this 7(a) loan-program when you’re finding ways to finance your new business.  It’s recommended for two very good reasons:-  Compared to most other options it’s much cheaper.  The bank will not try to tell you how you should run your own business, so it’s a lot less restrictive than other forms financing.  How the 7(a) Loan Program Works   First you need to apply at your bank for a business starting loan.  If your banker does not recommend it, you should ask for an SBA 7(a) loan.  You have to fill out the 7(a) loan applic...
Post a Comment
Read more

Signs Which Show a Bad Relationship

  Relationships are funny at times and very complicated. There are those times that you feel you are not happy with your relationship and you are trying to figure out whether you are the problem in the relationship. There are however various signs which would tell if you if your relationship is not good enough.   The first thing is lack of commitment. This simply means that one of you is not devoted to the other. One of you is not very attentive or is not supporting or is not affectionate of the other. This will result as a way of not wanting to do anything for your partner so as to please them and make them happy. And so this will make your relationship to be rocky and unbearable. In this case you will also stop paying attention to your partner and so the compliments also will stop and you will not also appreciate one another. If you notice that your partner is rather negative then you should start asking yourself whether this is the kind of relationship that you want...
Post a Comment
Read more