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| Chapter 7 bankruptcy is the reorganization of an individual consumer's debt with a new payment schedule. If you have too much disposable income to qualify for chapter 7 or have assets you want to protect, you may want to consider this. |
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| Chapter 13 bankruptcy is the reorganization of an individual consumer's debt with a new payment schedule. If you have too much disposable income to qualify for chapter 7 or have assets you want to protect
you may want to consider this. |
| read more |
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Automatic Stay
Precludes and halts all collection activities from creditors and even the IRS. You can even get seized property back from the IRS in a chapter 13 or chapter 11.
Assets
Assets are generally anything of value. For example: property, real estate, cash, notes, stocks, bonds, accounts receivables, securities, and any other item of value that could be used to
pay off debt.
Chapter 7 Bankruptcy
Straight bankruptcy- may be voluntary or involuntary. Liquidation of all non-exempt assets. Taxes in order of precedence - Federal Income Tax, Withholding tax, Employment tax, Excise tax, Customs and duty tax, Any pecuniary loss penalty on any of the foregoing.
Chapter 13 Bankruptcy
Simply put, is the reorganization of consumer debt with a new payment schedule.
Chapter 11 Bankruptcy
An individual may file under this chapter but it is used primarily for business debt. Like a chapter 13, this chapter halts collection activities an allows the business debtor to restructure their payments. This applies to business debt that exceeds $250,000 in unsecured debt and $750,000 in secured debt. Total debt may not exceed $2,000,000.00
Conversion
If the court believes the petitioner can pay all or a part of his bills it can deny a chapter 7 and convert to a chapter 13.
Cramdown
The courts authority to force acceptance by creditors, stock holders, irs etc of a reorganization or liquidation plan as empowered by the bankruptcy code.
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