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/
Please support us in writing articles like this by sharing this post
Share this post to your Facebook, Twitter, Blog, or any social media site. In this way, we will be motivated to write articles you like.
--- NOTICE ---
If you want to use this article or any of the content of this website, please credit our website (www.affordablecebu.com) and mention the source link (URL) of the content, images, videos or other media of our website.
"Simple Advice Regarding the Bankruptcy Procedure" was written by Mary under the Finance / Wealth category. It has been read 232 times and generated 0 comments. The article was created on 03 June 2023 and updated on 03 June 2023.
|