Argumentative Essay: Chapter 13 Bankruptcy

Chapter 7 is often the quickest and simplest form of bankruptcy and is available to just about anyone including: Married couples, individuals, and corporations. When a person is considering filing for Chapter 7 bankruptcy the first thing that is often on their mind is the amount of property and assets they will be able to keep.

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

Trustee asks questions to determine whether there is property available for sale in order to satisfy all or a portion of your debt. If your property is exempt, then the Trustee cannot sell any of your property. In a Chapter 13 Case, the Trustee asks questions to determine whether the monthly payment that you and your attorney have proposed is sufficient to pay each type of creditor the amount required under the Bankruptcy Code. Each type of creditor may be treated differently, and some creditors may not receive any money during the entire term of your Chapter 13 Case, depending upon your unique circumstances.

Chapter Seven personal bankruptcy is many times known as "straight" or alternatively "liquidation" bankruptcy -- it cancels your current debt, but one may have to let the bankruptcy court liquidate some of an individual's possessions for the benefit of your debt collectors. ("Chapter 7" pertains to the section of the particular federal government Bankruptcy Code which has the bankruptcy legislations.)

When reviewing the American Bankruptcy Institutes website I was researching the total number of bankruptcies in 2012, the total number of non-bankruptcies in 2012, and the total number of business bankruptcies in 2012. My findings concluded that the total number of bankruptcies in 2012 which consists of business and non-business fillings which includes the states and D.C. was 1,232,294 (ABI, 2013). The total number of non-business filings in the states and D.C. in 2012 was 1,232,294. The report shows that there were 811,789 non-business Chapter 7 filings and 352,553 non business Chapter 13 filings in 2012 (ABI, 2013).

Pros and Cons of Chapter 13 Bankruptcy Debt is one of the most common problems today, be it student loans, mortgages, unpaid credit card bills, and so on. Sometimes some people will owe too much money than they can afford to pay back due to poor spending habits or they just really fall into hard times. Whatever reason you have for being in a lot of debt, you may have considered filing for Chapter 13 Bankruptcy. While this can help you get more time to repay your loans, filing for bankruptcy is never an easy decision to make. So before you decide, weigh the pros and cons first.

White breaks down the two main types of personal bankruptcy; White says both types first require credit collectors all actions to get the debtor to repay their debts. She then goes on to explain which debts are wiped clear from being paid back and the main difference between the two types of bankruptcy. Chapter 7 only makes debtors repay back from their own current money and Chapter 13 lets debtors repay by taking money out of their future earnings.

In addition to your other debts, you may have fallen behind on your mortgage payments. If this is the case, then your lender may have started foreclosing on your home. According to the U.S. Courts, filing for Chapter 13 bankruptcy will stop foreclosure proceedings. After you have declared Chapter 13 bankruptcy, an automatic stay will be triggered,

Some of the most common questions we hear at our Sacramento bankruptcy office are centered on how bankruptcy affects tax debts. It’s not surprising that individuals want to know how filing a Chapter 7 or Chapter 13 bankruptcy will affect those tax debts imposed by the IRS. The good news is that in certain situations, you can discharge tax debt using Chapter 7 bankruptcy, and in other situations you can gain additional time to pay back taxes using Chapter 13 bankruptcy.

Sometimes, those in Tennessee, and elsewhere, who are facing overwhelming debt, choose to file for Chapter 13 bankruptcy. In addition to the person filing, there are a number of people involved in the process, including the bankruptcy trustee. An often-overlooked cog in the bankruptcy wheel, bankruptcy trustees play an integral role in the implementation and completion of Chapter 13 repayment plans.

t is important to have a corporate bankrupt attorney in well established organizations or businesses entities. It is a good thing for those who own businesses and other prominent organizations to know the advocate companies which could represent them in times when they have financial crisis. This will allow the organization to know the finest law firm that will assist them with professional and proficient work. The laws concerning bankruptcies are broad and extensive in many countries in the world. Due to this reason, it is an ideal thing to embrace the tradition of incorporating legal experts in your business dealings for you to be able to comprehend these laws without any difficulties. There are laws that a company will hardly understand when they are filing. These are laws concerning tax and the corporate laws. This will need the guidance of an attorney.

Finally, a telephone call from a bankruptcy attorney to negotiate on your behalf can help you regain some of your leverage. As soon as a judgment-creditor understands that you filing a Chapter 7 or Chapter 13 case is a real possibility, they are motivated to settle your debt. The idea of recovering a portion of the debt owed is much more appealing than having the debt discharged or eliminated in a bankruptcy filing and receiving nothing. In fact, if the creditor believes that you are likely to file for bankruptcy if a settlement is not reached, it may be possible to settle for a small fraction of what you owe.

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to

If sudden, out-of-control medical bills are the root of your financial problems, you are likely eligible for Chapter 7 Bankruptcy. This type requires you show you do not have the means to pay back unsecured creditors based on current income and other expenses. Chapter 7 bankruptcy helps avoid creditor collection activity, repossession, home foreclosure and accruing interest as a result of unpaid medical bills. Most importantly, you can once again rebuild financial independence and freedom after months or years of living in stressful dept.

Since the 1960s, personal bankruptcy has often served as a refuge for the young and struggling. Bankruptcy lawyers say younger and less-educated people tended to rack up too much debt while starting families and jobs, without a savings cushion to carry them through lean times. That's changing, as personal bankruptcy filings hit all-time highs. Last year, there were more than 1.6 million such filings, nearly twice as many as a decade earlier. Some experts say much of the increase is being driven by older people, many with decades of work experience in white-collar jobs. In 2001, per capita filings by people ages 45 to 54 increased 58% from a decade earlier, according to one study. Bankruptcy is a legal proceeding that allows a person who