Bankruptcy Information





            Chapter Bankruptcy Chapter is a section of the Bankruptcy Code which helps qualified individuals or small proprietary business owners who desire to repay their creditors but are in financial difficulty It is often referred to as a mini Chapter because you usually repay something to your creditors and you retain your property and make payments under a Plan The main purpose of a Chapter as opposed to a Chapter is to enable a debtor to retain certain assets that would otherwise be liquidated by a Chapter Trustee In most cases you can keep your home and your car under either plan However under Chapter you wouldn't be able to keep your rental properties antique gun collections etc The goal of most Chapter bankruptcies is to discharge your existing debts and allow you a fresh start on your finances In other words once your discharge is granted you no longer need to repay the debts that were incurred before you filed your bankruptcy Under a Chapter however you repay most or all of your debts before your slate so to speak is wiped clean And because you repay your debts you gain certain advantages over

       Browse Bankruptcy & Debt My current location San Jose CA     Featured Attorneys Debts that Remain After a Chapter Discharge Obtaining a discharge in Chapter bankruptcy will not eliminate all debts Exceptions to a Chapter discharge include generally Claims for child support and spousal support Sponsored Services More Sponsored Services Fast and friendly legal document service from LegalZoom the # online legal document service Over State specific Legal Forms just seconds away with USlegalforms com Bankruptcy & Debt FindLaw for the Public Copyright © FindLaw ALL RIGHTS RESERVED                  

   Personal Bankruptcy Information     Your online reference source for bankruptcy           Chapter Bankruptcy     Generally chapter is preferred by debtors who have a valuable asset such as a home that is not completely covered by exemptions and that they wish to keep This is possible because under Chapter a debtor proposes a plan to repay creditors over a three to five year period during which the debtor can make up overdue payments on any assets and pay into the plan the equivalent value of any assets not covered by exemptions Since the debtors plan will require regular monthly or biweekly payments Chapter is usually only appropriate for an individual debtor who has a regular source of income At a confirmation hearing the court either approves or disapproves the plan depending on whether the plan meets the Bankruptcy Codes requirements for confirmation Chapter is very different from since the chapter debtor usually remains in possession of the property of the estate and makes payments to creditors through the trustee based on the debtors anticipated income over the life of the plan Unlike the debtor does not receive an immediate discharge of debts The debtor

                          Bankruptcy in Brief              a service of the Moran Law Group   superceded by provisions of BAPCPA effective for cases file on or after Taxes in Chapter put up or shut up One of the most powerful attributes of Chapter is its treatment of tax liabilities for which the taxing authorities don't file a claim if no claim is filed   the tax is discharged upon completion of the plan even though under no other legal theory could the debtor escape liability without payment Chapter can therefore be used to make the taxing authorities come forth and assert any claims they have or risk being discharged   This may be particularly powerful where individual corporate officers may have liability for unpaid trust fund taxes which has not been assessed against the individuals     If the taxing authority does not file a claim within the time period set out in  law then the taxing authority loses its rights to assess or collect the tax after the Chapter discharge    In our experience the IRS is not particularly efficient in matching the trust fund liability of a corporate or partnership entity with the bankruptcy case of an

 Bankruptcy Basics Chapter   Chapter Individual Debt Adjustment The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income a b c d e f g h Background A chapter bankruptcy is also called a wage earner's plan It enables individuals with regular income to develop a plan to repay all or part of their debts Under this chapter debtors propose a repayment plan to make installments to creditors over three to five years If the debtor's current monthly income is less than the applicable state median the plan will be for three years unless the court approves a longer period for cause If the debtor's current monthly income is greater than the applicable state median the plan generally must be for five years In no case may a plan provide for payments over a period longer than five years U S C § During this time the law forbids creditors from starting or continuing collection efforts This chapter discusses six aspects of a chapter proceeding the advantages of choosing chapter the chapter eligibility requirements how a chapter proceeding works what may be included in chapter repayment plan and how it is confirmed making



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