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Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan. Compare the goal of Chapter 13 with the relief contemplated in Chapter 7 that offers immediate, complete relief of many oppressive debt(s). The examples and perspective in this article or section may not represent a worldwide view. ...
A court is an official, public forum which a sovereign establishes by lawful authority to adjudicate disputes, and to dispense civil, labour, administrative and criminal justice under the law. ...
Bankruptcy is enabled by the United States Constitution, but its implementation is by statute. ...
Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ...
An individual who is badly in debt can file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or under Chapter 13 (reorganization). The choice of appropriate chapter depends on the situation. The debtor's disposable income and the type of relief sought plays a tremendous role in the choice of chapters. In some cases the debtor simply cannot file under Chapter 13, as he or she lacks the disposable income necessary to fund a viable Chapter 13 plan (see below). Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ...
Disposable income is the amount of an individuals total income left after taxes, plus any transfer payments (grants) received from the government or elsewhere. ...
Disposable income is the amount of an individuals total income left after taxes, plus any transfer payments (grants) received from the government or elsewhere. ...
Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3 to 5 year period. During this period, his creditors cannot attempt to collect on the individual's previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed.
The disadvantage of filing for personal bankruptcy is that a record of this stays on the individual's credit report for 10 years. During the pendancy of a Chapter 13 case the debtor is not permitted to obtain additional credit without the Chapter 13 Trustee's permission. Moreover, creditors may not be willing to risk lending money to such an individual. However, this disadvantage is not unique to Chapter 13; it may also apply to individuals currently in a Chapter 11 case or those who are in or have recently been in a Chapter 7 case. Chapter 11 of the Bankruptcy Code governs the process of reorganization under the bankruptcy laws of the United States. ...
Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ...
The advantages of Chapter 13 over Chapter 7 include: the ability to stop foreclosures and to have a mortgage that has been accelerated declared reinstated upon bankruptcy plan completion; to achieve a super discharge of debts of kinds not dischargeable under Chapter 7; to value collateral; to bifurcate the security interest of creditors in certain property that creditors are either charging too much interest for, or are over-secured, or both, and in some cases; to prevent collection activities against non-filing co-signers (co-debtors) during the life of the case.
A Chapter 13 plan is a document filed with or shortly after a debtor's Chapter 13 bankruptcy petition. The plan details the treatment of debts, liens, and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition filed in United States Bankruptcy Court. For the plan to be confirmable, it must, at a minimum (actually there are more requirements and these vary from state to state), meet all of the following tests: The examples and perspective in this article or section may not represent a worldwide view. ...
In the United States, Federal courts have exclusive jurisdiction over bankruptcy cases. ...
- Commit every penny of the debtor's household's disposable income to the Chapter 13 Plan for at least three years (unless a 100% repayment of all unsecured debt will occur in less than three years), or up to five years, but longer than three years only if the debtor elects it.
- Provide that unsecured creditors will receive at least as much through the Chapter 13 Plan as they would in a Chapter 7 liquidation.
- Provide a meaningful payback to the unsecured creditors. In some districts and divisions this means as little as a one cent on the dollar payback. In others it may be as much as twenty cents on the dollar.
Disposable income is the amount of an individuals total income left after taxes, plus any transfer payments (grants) received from the government or elsewhere. ...
2003 Statistics
Bankruptcy filings by individuals: Bankruptcy filings by businesses: Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ...
Chapter 11 of the Bankruptcy Code governs the process of reorganization under the bankruptcy laws of the United States. ...
The total number of bankruptcies rose 7.4 percent over the previous twelve months. These totals were for the 12-month period ending September 30, 2003. Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ...
Chapter 11 of the Bankruptcy Code governs the process of reorganization under the bankruptcy laws of the United States. ...
Chapter 12 refers to Chapter 12 of Title 11 of the United States Code, a chapter of the Bankruptcy Code. ...
Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. ...
Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [1])
2004 Statistics TOTAL bankruptcies: Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal year 2004 according to the Administrative Office of the U.S. Courts. During the 12-month period ending September 30, 2004, 1,618,987 bankruptcies were filed, down from the 1,661,996 bankruptcy cases filed in fiscal year 2003. Chapter 7 of the Bankruptcy Code governs the process of liquidation under the bankruptcy laws of the United States. ...
Chapter 11 of the Bankruptcy Code governs the process of reorganization under the bankruptcy laws of the United States. ...
Chapter 12 refers to Chapter 12 of Title 11 of the United States Code, a chapter of the Bankruptcy Code. ...
Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. ...
Source: November 14 2003 News Release, Administrative Office of the U.S. Courts. (External link to PDF file: [2])
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