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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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