Filing bankruptcy

Different types of BankruptcyChapter 7 bankruptcy is also known as an application of liquidation and it is for consumers with little or even no assets, including property and bank accounts. For people whose personal belongings of the case a certain level can chapter 13 bankruptcy file. In this case money person is a refund for lenders plan while maintaining its own assets. These plans can take three to five years. There are other plans bankruptcy, chapter 13, including chapter 11 (for companies), chapter resemble 12 (for farmers and fishermen) and chapter 15 for people with assets in other countries.Chapter 7, BankruptcyWith Chapter 7, which is obliged to sell all assets that are "non - are" (these often include personal effects) are the creditors are distributed. At this stage, a debtor must enumerate all your assets and all debts. There is an official meeting with the creditors according to which all exempt assets are sold to the creditors. Then, the obligor may a list of all debts make it intends to reimburse really. After a period of time during the creditors who can deny application the bankruptcy claim is filed. At this stage all be dismissed applicable debt which means that the debtor has more them.Chapter 13 BankruptcyWith a chapter 13 claim to pay that debtor must create a plan that meets both criteria. One is called available "at best interest" to ensure that creditors receive at least as much if the debtor has followed a plan in Chapter 7. The second is the "best effort" clause which ensures that the debtor of creditor 36 (for people under one) give a total amount of money equal to his monthly incomemuss(Grad_der_Einkommen) or 60 (for those, above). Once the plan is approved, the debtor begins to monthly payments to your creditors for a period of time until the debt is repaid. In this case gets the debtor to all were to keep.