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You may also file a Chapter 13 bankruptcy if you have assets that you would lose in a Chapter 7 liquidation proceeding and wish to keep those assets.
A Chapter 11 is a reorganization proceeding typically used by businesses, but also may be used by individuals who do not qualify for Chapter 13 because of their substantial debts.
You may not qualify for Chapter 13 bankruptcy if your debts are too high or your income is too low.
If you are behind on a secured payment, such as a mortgage, you may file a Chapter 13 bankruptcy to repay past due payments over time without late charges.
The filer must list all debts, even if the debt is non dischargeable or if he/she intends to reaffirm or keep the debt.
Assets include real estate, personal property, or possessions, such as vehicles, bank accounts, retirements accounts and even household goods and furnishings, clothing and jewelry.
In most consumer cases, the filer’s assets are exempt from liquidation by the trustee, which means that these assets are not available to the trustee to liquidate to distribute to creditors.
The case is begun by filing the official petition, schedules and statement of financial affairs.One fundamental advantage of a Chapter 13 bankruptcy is that, under certain circumstances, it can be used as a vehicle to remove an unsecured second mortgage from your home.The attorneys of our firm will discuss the viability of this feature of Chapter 13 bankruptcy to your individual circumstances at the time of your initial consultation.In fact, most of the work is completed in a bankruptcy case before it is ever filed.The schedules are where the filer lists his/her assets and debts.In these forms, the filer lists all assets debts, along with some recent financial history.Tags: Adult Dating, affair dating, sex dating