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A. Not necessarily. Both Chapter 7 and Chapter 13 debtors must take a Personal Financial Management Course and receive a certificate to get a discharge. Some Chapter 13 trustees offer a free course to the Chapter 13 debtors who filed in their
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To file a chapter 13 bankruptcy, you'll need to fill in, sign and date the Official Bankruptcy Forms and a chapter 13 plan form. Then you'll need to obtain an online pre-bankruptcy counseling certificate at www.moneymanagement.org or from another
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Chapter 7 is the kind of bankruptcy where you are discharged of the responsibility to pay all your dischargeable debts. You don't pay them and you get to start over again. Chapter 13 is ordinarily for people with extra money left over at the end of
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It's a repayment bankruptcy. For somewhere between 3 and 5 years, you make monthly payments into the Court, and the money is used to pay a portion of your debt. This is absolutely necessary if you're behind on your secured debt, like your mortgage
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Chapter 13 bankruptcy is typically designed for wage earners. This plan allows individuals to repay part of any debt owed or the entire debt. The debtor has the opportunity to propose his own repayment plans in which he will make monthly
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Many clients worry about obtaining loans or an extension of credit after bankruptcy. Most clients are under the impression that Chapter 13 is “better” and that creditors will look more favorably upon them after a bankruptcy if they filed under
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I applied for a loan with my bank and they turned me down. A: Chapter 13 refinancing done while you are still in bankruptcy is a very specialized field of loan brokering.
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The advantage of Chapter 13 Bankruptcy is that your creditors are stopped from all collection activity to give you time to catch up slowly month by month by paying an affordable amount in an organized way. While in a Chapter 13 repayment plan you
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In a chapter 13 case you file a “plan” showing how you will pay off some of your past-due and current debts over three to five years. The most important thing about a chapter 13 case is that it will allow you to keep valuable property-especially
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A Chapter 11 bankruptcy is a reorganization for corporations and large businesses. You may however, use a Chapter 13 for small businesses that are not incorporated or that have debts below a certain amount. The attorney will be able to determine
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