Archive for May, 2008
Chapter 7 and 13 Bankruptcy Discharge Cases
The debtor is being released from personal liability for certain specified types of debts, by a bankruptcy discharged. Also, there has to be kept in mind that a bankruptcy discharge can help the debtor to avid paying any debts that are being discharged. Any form of collection action on discharged debts, including legal action […]
Your income and chapter 7 bankruptcy
As you probably know by know your monthly income has a significant impact in the bankruptcy process. The income you have now can make the difference between chapter 13 and chapter 7 bankruptcy.
Many of you have the impressions that you need to be penniless to apply for Chapter 7.This is false. You can make a […]
Chapter 7 vs Chapter 13 bankruptcy
Main difference
Chapter 7 is liquidation bankruptcy. All your debts that are not on exempt list will be sold by the bankruptcy trustee in order to pay your creditors.
Chapter 13 is a reorganization plan. During a 3 to 5 years period you pay the creditors according to a payment plan.
Payments
Chapter 7: in this […]
Buying a car during Chapter 13 bankruptcy
The basic rule of Chapter 13 bankruptcy is that you agree to pay what you can for three to five years in return for having a large portion of your debt wiped away. For any extra credit you need to get the trustee approval. Any expense can make your payment plan obsolete so is natural […]
Chapter 13 bankruptcy rules
Here are 10 rules for Chapter 13 bankruptcy
1. the most important rule: you don’t have to hand over any of your property; instead, you pay your debts out of your earnings.
2. You are not allowed to fill for Chapter 13 bankruptcy if you received a bankruptcy discharge in the last 4 years
3. You are not […]
