Comparing Bankruptcy Options
Comparing Bankruptcy Options
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.
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Chapter 11 Bankruptcy vs Chapter 13 Bankruptcy
Both Chapter 11 and Chapter 13 bankruptcy provide a way for people struggling with debt to keep their property by reorganizing their debt. Chapter 11 bankruptcy is generally more popular with businesses, but it can be a good choice for certain individuals, especially those with extremely large amounts of debt. For most individuals, however, Chapter 13 bankruptcy is often cheaper and easier.
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Get Professional Legal Help
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Talk to a Local Bankruptcy Lawyer
If you want to reach out to some local bankruptcy attorneys, this form can help you quickly and easily.
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Chapter 13 Bankruptcy - Comprehensive Guide 2023
Chapter 13 works well for higher-income filers who can afford to repay some debt. But all filers can use Chapter 13 to stop foreclosure and keep a house or prevent a vehicle repossession.
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Chapter 13 Rules: No Means Test Required
When Congress overhauled the bankruptcy laws in 2005, there was a lot of hubbub over the "means test." The good news is that if you plan to file for Chapter 13 bankruptcy, the means test has no bearing
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Documents Needed For The Meeting of Creditors
Whether you file for Chapter 7 or Chapter 13 bankruptcy, you must attend a mandatory hearing called the meeting of creditors (also called the 341 hearing).
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The Chapter 13 Bankruptcy Confirmation Hearing
If you file for Chapter 13 bankruptcy, the court will hold a confirmation hearing. This hearing is central to your Chapter 13 case because it is where the court decides whether to approve (or confirm) your proposed repayment plan. Once your plan is confirmed, your obligations going forward are reset and your creditors must accept your payments in satisfaction of their claims.
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The Chapter 13 Bankruptcy Repayment Plan
You must be able to devise a repayment plan that you can afford for the repayment period (three to five years), and the court must approve the plan.
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How to Modify Your Chapter 13 Repayment Plan
In Chapter 13 bankruptcy, one of the most important documents you file with the court is your proposed repayment plan. Your repayment plan outlines which creditors you intend to repay and how much your monthly plan payments will be. Because most Chapter 13 plans are three to five years long, many things
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How to Calculate a Chapter 13 Monthly Payment
In Chapter 13 bankruptcy, you'll pay money to your creditors through a three- to five-year repayment plan—but calculating a plan payment can be complicated. We provide a simple shortcut that gives you a ballpark amount you can expect to pay. For a more accurate answer, start by determining the value of your nonexempt property, your disposable income, the total amount of debt you must pay, and the required plan length.
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Exemptions in Chapter 13 Bankruptcy
In Chapter 13 bankruptcy, you can keep all of your property. However, you'll have to pay the value of any nonexempt property through your Chapter 13 repayment plan.
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How to Use the Wildcard Exemption in Bankruptcy
The wildcard exemption in Chapter 7 and 13 bankruptcy provides a way to protect more of your assets from liquidation during bankruptcy. This particular exemption allows you to protect property that is not normally covered under other exemptions. Here's how the wildcard exemption works.
