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A chapter 13 plan is a document filed with or shortly after a debtor's Chapter 13 bankruptcy petition. The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. In order for a plan to take effect, it must meet a number of requirements.
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
A Chapter 13 bankruptcy typically stays on your credit reports for seven years from the date you filed the petition. It can lower your credit score by around 130 to 200 points, but the effects on ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Missing a Chapter 13 bankruptcy payment can jeopardize the process. However, many trustees understand that financial difficulties can get in the way and are willing to work out an arrangement to ...
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
Bankruptcy under Chapter 11, Chapter 12, or Chapter 13 is a more complex reorganization and involves allowing the debtor to keep some or all of his or her property and to use future earnings to pay off creditors. Consumers usually file chapter 7 or chapter 13. Chapter 11 filings by individuals are allowed, but are rare.
Key takeaways. Chapter 7 bankruptcy involves discharging debt through liquidation. Chapter 13 bankruptcy focuses on reorganizing debt through a repayment plan that typically lasts three to five years.