|
Home > Chapter 13 Bankruptcy
Filing For Chapter 13 Bankruptcy Does Not Have To Be Difficult Bankruptcy chapters fall into one of two types, in which we will be discussing the reorganization bankruptcy, also called Chapter 13 Bankruptcy. This type of bankruptcy is not as common as chapter 7, which is liquidation bankruptcy, but may be a better fit for you depending on your situation. If you are a wage earner, or in other words a person who receives regular income Chapter 13 bankruptcy allows you to create a repayment plan around your income and still let you keep your property, as long as you can keep up with the payments. With Chapter 13 you develop a plan, lasting at least 3 and no more than 5 years in which you make monthly installment payments to your creditors until your terms elapse. How Chapter 13 Bankruptcy Works We know filing for bankruptcy is not easy and is a complicated and complex process with lots of paperwork and rules to follow. We will just run through the basics of Chapter 13 Bankruptcy filing right now, as our ebook spells out all the steps and goes through each one. First thing you do is file a petition with your local bankruptcy court. This involves 4 different schedules which break down your assets and liabilites, current income and expenses, contracts and unexpired leases, and a statement of your overall financial affairs. Basically the court wants to see how financially solvent you are, what types of collateral you have, and how likely you are to repay your debts. For more information on help with filing for Chapter 13 Bankruptcy, please see our Complete Guide To Bankruptcy.  |
||||||||||||||
|
||||||||||||||
