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Written by jessica Alba
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In the first part of this article, you learned a little bit about why you might want to choose chapter 13 bankruptcy over chapter 7, why you will definitely need a lawyer, seeking the services of a consumer credit counselor, and laying all of your financial information, good and bad, before the court. In part two, you will find out what paperwork the court will be anticipating, how you qualify, a hearing you will have to attend, how your plan will work, and what happens with a chapter 13 discharge.
It Takes a TreeWhen you are getting ready for federal bankruptcy court, you are going to need to have a bunch of forms filled out and ready to go. |
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Written by jessica Alba
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Chapter 11 Bankruptcy is not for everyone. The debt requirements are higher. Although some individuals and sole proprietor small business may qualify, it is generally reserved for partnerships and corporations that have a massive amount of debt, but they want to restructure the debt and try to keep the business doors open. For example, some of these big businesses on the news that are restructuring their companies probably had to file under chapter 11 bankruptcy, because the amount owed to creditors is more than chapter 13 bankruptcy allows.
Professional AdviceLike any other person or business filing bankruptcy, credit counseling is required within 60 days before filing chapter 11 bankruptcy. |
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Filing Business or Personal Bankruptcy under Chapter 7 |
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Written by jessica Alba
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Filing business or personal bankruptcy under chapter 7 is basically the same process. The idea is to liquidate all of your assets to help satisfy the debts to creditors. However, any remaining debt that is not exempt from bankruptcy will still be your responsibility. But, you should be able to crawl out from under a mountain of debt and get a fresh start financially.
Before you BeginAlthough you may think chapter 7 bankruptcy is the only viable option you have left for debt relief, you need to check with a bankruptcy lawyer first. |
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Written by jessica Alba
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you have had a stretch of bad luck either personally or professionally. Maybe you had to find a new job, had a drop in consumer spending, had a major illness or injury in the family, or simple made a series of bad financial decisions. You have tried desperately to keep up with your obligations to creditors, but it is becoming too much to handle. You need some time, a chance to take a deep breath without creditors calling or threatening legal action. You do not want to file chapter 7 bankruptcy, because you need to keep your home, your vehicle, or maybe save your business, if possible. Then, you need to consider filing personal or business bankruptcy under chapter 13.
Why Chapter 13?Chapter 13 bankruptcy is essentially the ability to reorganize your debts and get them down to a level whereby you might have a chance of paying them off. |
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