Tuesday, December 21, 2010

Bankruptcy Rules ...

The debtor has two options at the time of bankruptcy --- for Chapter 7 or Chapter 13 ... .In a Chapter 7 bankruptcy, also known as "liquidation" bankruptcy wipe out all debt is removed legally and the debtor's assets are sold to pay the known creditors. ... .A Chapter 13 bankruptcy as bankruptcy proceedings known as the debt is entered into a three-to five-year pay-payment to the creditor. ... .In both types of bankruptcy, the debtor must not only qualify, but must also pay appropriate fees and file all necessary documents. ... .Eligibility for Bankruptcy: Does TestNot each debtor can qualify for Chapter 7 bankruptcy. ... .To be eligible to test must pass a debtor the means. ... .The means test compares the average monthly income of an applicant during the six months prior to bankruptcy with the median income in the state of the applicant. ... .If an applicant's income is at or below the state median, the applicant may file for Chapter 7. ... .A candidate who has more than the median income earned must be for a bankruptcy in qualify.Qualifying Pass: Before BankruptciesA debtor may be eligible for bankruptcy protection earlier bankruptcy if desired. ... .A debtor does not qualify under Chapter 7 bankruptcy if a debt has been discharged under Chapter 7 in the last eight years or under Chapter 13 if a debt has been paid in the last six. Years. ... .A debtor is not eligible for Chapter 13, when a debt has been discharged under Chapter 13 in the last two years or under Chapter 7 in the last four and costs required years.Bankruptcy form before. Registration, either a Chapter 7 or Chapter 13 bankruptcy, .the debtor. .Credit counseling. ... .After consultation, the debtor to pay $ 299 to file Chapter 7 and $ 274 to file Chapter 13. ... .The two types of bankruptcy have to fill out forms in assets, liabilities, revenues, expenses, assets and creditors of secured and unsecured debt and a statement of financial affairs. ... .A Chapter 13 bankruptcy requires a repayment plan and a Chapter 7 bankruptcy requires a means test calculation.Automatic stay after a debtor files for insolvency, the court automatically earn a living. ... .An automatic stay stops all collection activity during the bankruptcy proceedings. ... .Creditors are prevented from bringing an action against the debtor and all pending proceedings are not continued. ... .The creditors are also blocked from registering liens against the debtor's assets, reports the debt rating agencies and the assets of the debtor or the creditor income.The MeetingIn seize both a Chapter 7, and. Chapter 13 bankruptcy orders, the court a meeting of creditors .submitted after the paperwork .. ... .The trustee takes the session to gather more information and documentation from borrowers. ... .A debtor who will attend the meeting likely to be the case, not fired. ... .After the meeting, if all appropriate documents are filed and there are no issues in dispute, a judge in one case confirmed Chapter 13 repayment plan to listen for a confirmation. ... .In the case of a Chapter 7 bankruptcy, the court will take a decision, a few months after the parole hearing release ....

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