The 2005 amendments to the Bankruptcy annual free credit reports Alabama Code introduced the "means test" for eligibility annual free credit reports Alabama for chapter 7. An individual who fails the means test will have his or her chapter 7 case dismissed or may have to convert his or her case to annual free credit reports Alabama a case under chapter 13. Generally, a trustee will sell most of the debtor’s assets to pay off creditors.
However, certain annual free credit reports Alabama assets of the debtor are protected to some extent. For example, Social Security payments, unemployment compensation, and limited values of your equity in a home, car, or truck, household annual free credit reports Alabama goods and appliances, trade tools, and books are protected. However, these exemptions vary from annual free credit reports Alabama state to state. In Chapter 13, the debtor retains ownership and possession of all of annual free credit reports Alabama his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years.
The amount of payment and the period of the repayment plan depend upon a variety of annual free credit reports Alabama factors, including the value of the debtor's property and the amount of a debtor's income and expenses. Secured creditors annual free credit reports Alabama may be entitled to greater payment than unsecured creditors.
Relief under Chapter 13 is available annual free credit reports Alabama only to individuals with regular income whose debts do not exceed prescribed limits. government credit report free
If annual free credit reports Alabama you are an individual or a sole proprietor, you are allowed to file for a Chapter 13 bankruptcy to repay all annual free credit reports Alabama or part of your debts. Under this chapter, annual free credit reports Alabama you can propose a repayment plan in which to pay your creditors over three annual free credit reports Alabama to five years. If your monthly income is less than the state's median income, your plan will be for three years unless the court finds "just cause" to annual free credit reports Alabama extend the plan for a longer period.
If your monthly income is greater than your state's median income, the plan must generally be for five years. In contrast to Chapter 7, the debtor in Chapter 13 may keep all of his or her property, whether or not exempt. If the plan appears feasible and if the debtor complies with all the other requirements, the bankruptcy court will typically confirm the plan and the debtor and creditors will be bound by its terms.
Creditors have no say in the formulation of the plan annual free credit reports Alabama other than to object to the plan, if appropriate, on the grounds that it does not comply with one of the Code'annual free credit reports Alabama s statutory requirements. how get free credit report Generally, the payments are made to a trustee who in turn disburses the funds in accordance with the terms of the confirmed plan. When the debtor completes payments pursuant to the terms of the plan, the court will formally grant the debtor a discharge of the debts provided for in the plan. However, if the debtor fails to make the agreed upon payments or fails to seek or gain court approval of a modified plan, a bankruptcy court will often dismiss the case on the motion of the trustee.
Pursuant to the dismissal, creditors will typically resume pursuit of state law remedies to the extent a debt remains unpaid. In Chapter annual free credit reports Alabama 11, the debtor retains ownership and control of annual free credit reports Alabama its assets and is re-termed a debtor annual free credit reports Alabama in possession ("DIP"). The debtor in possession runs the day to day operations of the business while creditors and the debtor work with the Bankruptcy Court in order to negotiate and complete a plan. fairness among creditors, priority of certain creditors) creditors are permitted to vote on the proposed plan. If a plan is confirmed the debtor annual free credit reports Alabama will continue to operate and pay its debts under the terms of the confirmed plan. If a specified majority of creditors do not vote to confirm a plan, additional requirements may be imposed by the court annual free credit reports Alabama in order to confirm the plan.
Chapter 7 and Chapter 13 are the efficient bankruptcy annual free credit reports Alabama chapters often used by most individuals. how to get free annual credit report The chapters which almost always apply to consumer debtors are chapter 7, known as a "annual free credit reports Alabama straight bankruptcy", and chapter 13, which involves an affordable plan of repayment.
An important feature applicable to all types of bankruptcy filings annual free credit reports Alabama is the automatic stay. The automatic stay means that the mere request for bankruptcy annual free credit reports Alabama protection automatically stops and brings to a grinding halt most lawsuits, repossessions, foreclosures, evictions, garnishments, attachments, utility shut-offs, and debt collection activity.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น