What Are the Different Chapters in Bankruptcy?
If you are considering filing for bankruptcy, then you need to learn what are the different chapters in bankruptcy law. Bankruptcy law is complex and it can be very confusing when a person is just starting out in looking for a bankruptcy lawyer. There are many types of chapters that a bankruptcy lawyer may be able to apply to your case and it will depend on what state and country you are filing for bankruptcy in. Some of the chapters in bankruptcy are chapter 7, chapter 11, and chapter 13. Each chapter has specific characteristics to it.
Chapter seven involves liquidating personal property, paying debts, paying alimony, and getting expert advice in budgeting for the future. A debtor is not allowed to do anything that is against the law when chapter seven is involved. Chapter seven bankruptcy will only allow a person to pay debts they have incurred. There is a chance that chapter seven might be increased for certain economic conditions.
Chapter eleven consists of paying alimony and dividing pension and retirement assets among the ex-spouse and the person filing for bankruptcy. The lawyer for chapter 11 will negotiate with creditors. Chapter eleven is the final chapter in a case and it doesn’t allow any changes to occur after the bankruptcy is filed. This is done by court order after an extended court battle.
Chapter thirteen involves selling personal assets and closing the business that you have. This is done by a bankruptcy lawyer. A chapter thirteen lawyer will inform you about all of your options for chapter thirteen. The chapter thirteen lawyer will tell you what taxes you will owe as well as how much money you will make after chapter thirteen is filed. A chapter thirteen lawyer will also let you know if there are any special rules you should follow.
The chapters in chapter seven debtor’s statement of account are: assets, liabilities, income, capital, expenses. A chapter seven debtor’s statement of account will tell you how much money you have and whether or not you need to settle debts. If you have no money and no income, the chapter seven debtor statement of account will give you an idea of your assets. You need to make sure you have an accurate account. In addition, this will help your creditors if you want to sell some of your property.
When you get this statement, you are advised to start planning for your future. If you are a homeowner, you will be interested in the chapter that deals with making mortgage payments. The chapter details when you can begin making payments and how much you will pay. Chapter eight describes the details of settling debts. The chapter ends with an outline of how you will distribute your assets during the bankruptcy period.
The different chapters in bankruptcy mean different things to different people. For example, one person might consider chapter thirteen an important chapter in bankruptcy. On the other hand, another person would view chapter seven as not important at all. There are no clear answers as to what are the different chapters in bankruptcy, but it depends on your situation and what you and your lawyer think are important. Your bankruptcy lawyer can help you understand the implications of any chapter you find yourself filing.
This post was written by Trey Wright, the best local bankruptcy lawyer! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
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