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Chapter 13 bankruptcy is often used in situations where someone wants to save their home from foreclosure, or where they can afford to pay some, but not all, of their debt.Chapter 13 bankruptcy is the second most common and requires that the debtor makes monthly payments to a Trustee for the period of three to five years, and then the Trustee will distribute the money to the creditors that are owed.It allows consumers to restructure their debts and pay them back over time.Chapter 11 bankruptcy may be useful for someone who does not qualify for Chapter 13, though it is more complex.Finally, at the end of the bankruptcy proceedings, the debtor will receive a discharge release that takes away any personal liability for the debts.Chapter 11 bankruptcy is most often used by businesses, but it can help certain individuals and small business owners as well.While a small business may be able to file Chapter 11 bankruptcy, they are often reverted back to Chapter 7 because the court may decide that the small business may not be able to provide any real profit following the bankruptcy.Larger corporations, however, have more of a chance at survival following bankruptcy.
However, it creates a plan to repay some or all debt over three to five years.
When the debtor begins to arrange the reorganization plan, the idea is to place a priority on certain creditors for repayment and each creditor is placed into its own class.
If there are any unsecured claims, then they are placed in a class of their own and are not lumped in with the others.
The official bankruptcy forms should include a list of all the creditors and the amount that is owed to each, the source, amount, and frequency of income the debtor currently receives, a list of all available property that the debtor owns, and a list of the debtor’s monthly living expenses, in detail.
When the petition is filed for Chapter 7 bankruptcy, typically all collection actions that are against the debtor will come to a stop which means the creditor should no longer be able to garnish wages, initiate a lawsuit, or call and demand payment from the debtor.
A meeting of all the creditors will happen within forty days following the petition and the debtor will then go under oath and agree to answer any and all questions.