0
Why would someone choose chapter 13 bankruptcy instead of chatpter 7 bankruptcy?
Wiki User
∙ 11y ago
There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.
Wiki User
∙ 10y ago
Wiki User
∙ 11y agoPeople might choose a 13 over a 7 if they are trying to protect a co-signer or because they have goods/property way above exemption limits.
Add your answer:
Earn +20 pts
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Can someone have more than one property in chapter 7 bankruptcy?
Yes.
Can you discharge Ohio bureau of workers compensation premiums in a chapter 7 bankruptcy?
I am hoping someone has an answer to this
What happens to someone in a personal bankruptcy?
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.
Can someone put a lien on your paid off boat before you file chapter 7 bankruptcy?
Sure
Can you be bonded if you file chapter 7 bankruptcy?
Answer To my knowledge the only reason someone can't be bonded is if they have a criminal record.
Where can someone hire a chapter 7 bankruptcy lawyer?
There are many different ways to go about hiring a chapter 7 bankruptcy lawyers. The yellow pages has many different listings with advertisements for lawyers. There are also places that offer legal aid that can direct one to a good lawyer that specializes in bankruptcy.
What is the legal proceeding that frees someone from repaying debts acquired before the time of proceeding?
Bankruptcy Chapter 11 Filing Reorganization
CAN I QUALIFAY FOR A HOUSE LOAN IF I HAD CHAPTER 13?
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
Do you know bankruptcy?
Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period. There are two major types of bankruptcy definitions that apply to consumers: Chapter 7 and Chapter 13.
What are the rules of mortgage bankruptcy in the US?
There are many laws surrounding mortgage bankruptcy in the US. Chapter 7 and 13 highlight these rules, when someone discharges from all their debt, or sets up a repayment plan.
Where can someone read the Chapter 7 Bankruptcy Law guidelines?
You can view the Chapter 13 Bankruptcy rules by checking out legal books from your local library or visiting United States Court information website. You can also contact lawyers to send you more information.
