One of the many differences between a chapter 7 and chapter 13 bankruptcy is that; the filing of a chapter 13 bankruptcy allows the debtor to retain its unexempt assets while making payments towards its creditors. The percentage that is paid back to the creditors ranges from one percent to…
Category: Bankruptcy
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The pinnacle of a Chapter 11 bankruptcy is the confirmation of a plan of reorganization proposed and executed by the debtor. This requires that the debtor file a plan which is accepted by the required class of creditors prior to the court confirming the plan. The plan will outline the…
Once a bankruptcy case is filed, most creditors are instantly prohibited from continuing collection efforts against a bankruptcy debtor by the “automatic stay.” Car lenders are included in the list of creditors who, because of the automatic stay, may neither commence nor continue collection efforts against a bankruptcy debtor. The…
Once a bankruptcy case is filed, most creditors are instantly prohibited from continuing collection efforts against a bankruptcy debtor by the “automatic stay.” Car lenders are included in the list of creditors who, because of the automatic stay, may neither commence nor continue collection efforts against a bankruptcy debtor. The…
Chapter 13 debtors may keep motor vehicles that are the collateral for a loan in a Chapter 13 bankruptcy case. Debtors that are current may continue to make monthly payments on the loan inside or outside of their Chapter 13 repayment plan. Debtors that are not current may pay any…
Discharging income taxes in bankruptcy will not remove a tax lien which existed prior to the filing of a bankruptcy case. Such a lien is still valid and may not be discharged unless the lien is paid in full or some other resolution is negotiated with the IRS. To determine…
The amount of equity in a motor vehicle is a large factor in determining whether a bankruptcy trustee may take a motor vehicle to repay general, unsecured creditors. If the equity in a car is minimal, then a chapter 7 trustee will typically not sell it. However, if the equity…
Debtors primarily file Chapter 7 bankruptcy cases for the purpose of obtaining a discharge or release of the obligation to repay a debt. A discharge order at the end of a Chapter 7 case cancels or erases a debtor’s personal liability for most debts. The reaffirmation of a debt in…
