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Trustee fees: Chapter 13 trustees collect a percentage from your monthly payments, up to 10 percent, though it often ranges between 5 and 8 percent. Chapter 13 bankruptcy alternatives.
Bankruptcy courts appoint a trustee to represent the interests of the creditors and administer the cases. The U.S. Trustee [3] appoints Chapter 7 trustees for a renewable period of 1 year, Chapter 13 trustees are "standing trustees" who administer cases in a specific geographic region.
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
Reorganization bankruptcy is governed by Chapters 11 and 13. [1] Chapter 11 is mostly used by high net-worth individuals. [2] In the 12-month period ending June 30, 2017, Chapter 7 and Chapter 11 bankruptcy filings accounted for, respectively, 474,258 (61%) and 1,099 (0.14%) out of 772,594 nonbusiness bankruptcy filings in the USA. [3] [4]
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.
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With a smaller paycheck, it may be necessary to alter how much you can pay back in bankruptcy.
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