Chapter 13 bankruptcy is different than chapter 7 in that you will essentially be reorganizing your debt and coming up with a payment plan. The creditors meeting involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
Chapter 13.
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Yes, but with new bankruptcy laws having been implemented it may prove somewhat difficult. The involved parties will need to prove to the trustee/court that they are unable to meet the obligation. More than likely the trustee will suggest the "13" be modified rather than dismissed. If the BK is dismissed the debtor loses all BK protection and creditors may pursue collection, repossession and lawsuits as the so choose.
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If you are facing some serious financial issues, you may consider filing for chapter 13 bankruptcy protection. If you do file keep in mind that there is no limit to the amount of times you can refile for the same protection.
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
Yes. If you voluntarily have a chapter 13 bankruptcy dismissed, your creditors will be notified of the dismissal.
Sure, you can always negotiate- but your creditors are not bound to deal with you.
Yes. You must notify the trustee, the court and all creditors/attorneys for the change of address. You may want to have the case transferred to your new jurisdiction as well. You should have a lawyer do the paperwork to avoid problems.
They are considered "lost", you will not get that money back, but your debt to the individual creditors will be reduced by what they had received in 13 BK.
When a business files for bankruptcy it basically means it can not repay the debts it owes to creditors. Generally a trustee will sell remaining assets and pay off creditors. The exact rules of what happens depends on what type of bankrupcty that is filed. In US for example there are Chapter 7, Chapter 13 etc.
The debts are still valid and creditors can continue with collection procedures including, in most cases, a lawsuit.
Creditors can resume collection procedures against the debtor(s) including lawsuits to recover monies owed.
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
an ERISA qualified pension is protected from creditors.
Chapter 13 trustee is an entity, generally an individual, with the responsibility of managing a chapter 13 bankruptcy estate. The Chapter 13 receives the debtor's monthly payments and then distributes those funds proportionally to the debtor's creditors.
Chapter 13 laws are the laws that govern bankruptcies. These are different than Chapter 7 bankruptcies because these have a repayment plan by which you repay your creditors.