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Chapter 13 Bankruptcy: What Is It, and Would It Help You?
Cracking the Nutshell Chapter 13 bankruptcy enables people to settle their obligations. It helps to design a feasible payback schedule depending on their earnings and financial situation. Let's examine Chapter 13 bankruptcy to see whether it could be advantageous for you.
Trustee can be · Interim trustee · Elected trustee ( by creditors) · Successor trustee ( if trustee resigns or dies)
Making late payments on significant obligations is one of the main advantages of filing for Chapter 13 bankruptcy. Mortgage arrears and tax bills are examples of what are known as priority debts. Pay off these obligations with the help of Chapter 13 while avoiding repercussions.
A competent bankruptcy attorney pays special attention to detail and makes certain that every documentation is precise and thorough. The procedure can be delayed and made more expensive by errors or omissions in bankruptcy filings.
Chapter 13 bankruptcy includes particular requirements and restrictions. Must meet specific requirements set forth by the bankruptcy rules, including having — · A regular source of income · Unsecured obligations below a particular threshold.