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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Chapter 13 bankruptcy allows you to avoid foreclosure or repossession by letting you make up missed payments over time. It can also provide a manageable path to repaying non-dischargeable debts ...
A Chapter 13 or reorganization bankruptcy involves creating a plan to repay your creditors, taken from your earnings, at a percentage of what you owe them — up to 100 percent.
Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt.
[1] [2] [3] A corporation which continues to operate its business under Chapter 11 bankruptcy proceedings is a debtor in possession. Under certain circumstances, the debtor in possession may be able to keep the property by paying the creditor the fair market value, as opposed to the contract price. For example, where the property is a personal ...
The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
Chapter 13 bankruptcy: Chapter 13 allows a distressed debtor who has regular income, and total secured and unsecured debt of no more than $2,750,000, to maintain control of their assets while ...
Filing for bankruptcy, on the other hand, is a legal process that involves listing your debts and assets and finding a way to resolve the debts. Default and bankruptcy usually go hand in hand.