The Bankruptcy problems are faced with debtors who can’t able to pay money taken from creditors. These creditors may be banks, financial institutions, individuals etc. These people will file case against debtors on non-payment of money on the courts. There are two major types of Bankruptcy to consider and they are Chapter 7 and Chapter 13 laws. The courts will decide to take the decision on which you are going to be fined. This may also depends on money quantity and creditors words. In this article you can have some of the details about Chapter 13 Bankruptcy.
Guide on Chapter 13 Bankruptcy:
Before going to start about Chapter 13 law you need to know some things about chapter 7 laws. The court will fine on any of these both chapters.
- In Chapter 7 Bankruptcy the debtor who can’t able to repay the amount will be called for his property attention. The court will appoint a trustee that will calculates the property and assets of debtor based on the money he took. The trustee has rights to take all of his assets when the debt is over than his assets. This property is calculated according to the market price and returns to the creditors on their attestation. The trustee will look after all these things and the creditors can return their money as much as possible from the debtor.
- The Chapter 13 Bankruptcy law is quite opposite to the chapter 7. In this the court will give some time to the debtor to repay all the money taken from creditors. His assets and properties will not be touched until he repays the money. The court will give result in Chapter 13 only if the debtor has source of monthly income. If you are a debtor then you may request court to clear debt money on chapter 13 policies.
- The best advantage in repaying money with Chapter 13 Bankruptcy is your valuable assets will not be lost. The properties which are taking good care from several years will be lost when you are judged with chapter 7 law. The debt amount may or may not be worth more over it, the court will share your property money to your creditors. The valuable property and all your assets will be lost at this situation.
- Find a good lawyer and discuss the problem with him. He can only provide you right solution to not get lost or damaged. The Bankruptcy cases are most dangerous that sometimes people lost their all money and some may commit suicide also. Hence taking this action into serious you need to keep forward steps according to your lawyer words.
- Convey all your assets and your job profile with the lawyer. So that he can possibly give counter reaction to the court. The details you are providing only can help you to overcome this problem. If no solution works then you can request court to repay money with your regular income. Hence these are the possible things you can know about Chapter 13 Bankruptcy.