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What percentage of unsecured debt is paid to the debtors involved in a chapter 13 bankruptcy?
Wiki User
∙ 18y ago
The percentage paid to unsecured creditors in a Ch 13 is determined by your disposable income. Secured creditors get paid at 100%, house and car payments remain the same. What's left over gets paid out to those unsecured creditors who file proofs of claim. If a creditor does not file a claim, then that creditor does not get paid.
Wiki User
∙ 18y ago
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Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?
You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.
Can you be current on your credit cards and file chapter 13?
Yes. But in California, you can not have more than ~$330,000 of unsecured debt if you are going to file for Chapter 13. Check your local bankruptcy rules to see if you qualify for chapter 13 bankruptcy based on your debt.
Is chapter 7 good for a judgments and old bills credit cards?
yes! because in Chapter 7 bankruptcy is considered a straight liquidation of unsecured debt. In simpler terms, this means that all unsecured debt is discharged. in short its a judgement for your term in credit card bills.
What is a Chapter 20?
As an unknown individual at the Doney & Associates law firm surmised, "there is no real Chapter 20, but we bankruptcy attorneys amuse ourselves by proving that we can add." A Chapter 20 is when you file a Chapter 13 right after a Chapter 7. One reason some people do this is because you cannot stop a home foreclosure with a Chapter 7, but you cannot file a Chapter 13 if your unsecured debt exceeds a certain dollar amount. So, if someone's home is being foreclosed but their unsecured debt amount exceeds the limit for a Chapter 13, those persons may file a Chapter 7 and wipe out the unsecured debt, then file a Chapter 13 and stop the home foreclosure. Some Courts frown on Chapter 20's since they see it as an unfair manipulation of the bankruptcy code.
Can you still keep your vacation home if you file bankruptcy if there is no equity?
In a chapter 7, yes, you can keep your vacation if you have no equity in it. This assumes you have not run out and borrowed money against it knowing you were going to file bankruptcy. In a chapter 13, the equity is only relevant to the amount to be paid to the unsecured creditors. You don't "lose" the property.
Can an unsecured promissory note be discharged in California under Chapter 7 Bankruptcy?
Yes.
Can an advance cash loan be part of a Chapter 7 bankruptcy?
Yes, it is an unsecured loan.
Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?
You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.
What percentage of unsecured debt is paid to debtors in a chapter 13 bankruptcy?
Each Chapter 13 planis different. I have seen Chapter 13 plans pay nothing to unsecured creditors and I have seen plans that pay 100$ to the unsecured creditors. Most cases are much less than 50%. It just depends on how much income is left for plan payments and how much debt the debtor has.
Are vendors guaranteed payment selling a company in Chapter 11 Bankruptcy?
No, but generally they receive higher preference than unsecured creditors that issued credit prior to the bankruptcy, should the chapter 11 company go to chapter 7.
Is Chipco involved in a lawsuit?
bankruptcy - chapter 11
If a car is repossessed and sold at auction for less than the amount owed to the lender will filing bankruptcy discharge the remaining balance if it has been reduced to judgment?
It depends on the chapter. In either case, your remaining debt is now unsecured and a bankruptcy filing places the judgment on hold. If it is Chapter 13, file a claim and you may receive a percentage of the bankruptcy estate, but not usually until near the end of the bankruptcy term (3-5 years). If it's a Chapter 7, again, it's an unsecured debt and highly unlikely that the debtor will sign a reaffirmation to pay you back. If the bankruptcy gets dismissed (thrown out), your judgment is back in force, provided it has not expired.
In chapter 13 bankruptcy do you have to pay your unsecured creditors 100 percent?
NO. Bankruptcy proceedings are used because you are not capable of paying 100% of your debts (otherwise your bankruptcy claim will be rejected by the court), and unsecured debts have greater chance of a lower amount of directed settlement from the bankruptcy trustee's work than secured debts (or certain excepted unsecured debts). Note that there is an excellent perspective book both about Chapter 7 and Chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?" 3rd edition (published in 2009 by Nolo), by Stephen Elias (a bankruptcy attorney). In the public library system for Colorado Springs, I found it at 346.078 E42N (Dewey decimal system).
Can you be current on your credit cards and file chapter 13?
Yes. But in California, you can not have more than ~$330,000 of unsecured debt if you are going to file for Chapter 13. Check your local bankruptcy rules to see if you qualify for chapter 13 bankruptcy based on your debt.
What kind of bankruptcy is it called when you only include credit cards?
Chapter 7. The credit cards would be unsecured debts.
How can a family best dismiss huge unsecured debts and survive on a small income?
The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
