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In chapter 13 bankruptcy, the trustee is responsible for reviewing the proposed payment plan, collecting payments and disturbing payments to creditors. Chapter 13 bankruptcy allows you to avoid ...
If you miss a payment under the plan, the court can decide to dismiss your case or change your bankruptcy case to Chapter 7. Under a Chapter 7 bankruptcy, the court can liquidate your nonexempt ...
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 ...
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.
The law also makes it easier for creditors who received preferential payments of less than $5,000 from the debtor before bankruptcy to avoid repaying such payments for the benefit of all creditors. The law improves the ability of the bankruptcy estate to reclaim assets placed in asset protection trusts within ten years of filing or paid as ...
A debt management plan will affect your credit score less than bankruptcy, and you will have ongoing support from a certified professional if you need to change payments, negotiate with your ...
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