Skip to main content

Listen up!


Some people may be wondering what to do when in debt because of identity theft , 

Though if you file and do not have to repay you can be audited by the irs. 

Becareful of the decision you make! 

Does not protect you from aggressive and angered debt agencies. May even attack you on a personal.


Chapter 13, Title 11, United States Code



Chapter 13 of the United States Bankruptcy Code, codified under Title 11 of the United States Code, governs a form of bankruptcy in the United States that allows individuals to undergo a financial reorganization supervised by a federal bankruptcy court. The goal of Chapter 13 is to enable income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan. This is in contrast to the goals of Chapter 7, which offers immediate and complete relief of many oppressive debts. Chapter 13 is a form ofdebt consolidation.

Choice of chapterEdit

An individual who is badly in debt can file for bankruptcy either under Chapter 7(liquidation, or straight bankruptcy), under Chapter 13 (reorganization), Chapter 12(family farmer reorganization), or underChapter 11 (reorganization of a company, or an individual debtor whose unsecured debt exceeds $360,475.00 and/or whose secured debt exceeds $1,081,400.00).

Debtors may also be forced into bankruptcy by creditors in the case of an involuntary bankruptcy, but only under Chapters 7 or 11. However, in most instances the debtor may choose under which chapter to file. The debtor may also choose to convert to another chapter from a 7 or 11 when forced into aninvoluntary bankruptcy.

The debtor's financial characteristics 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 incomenecessary to fund a viable Chapter 13 plan (see below). Furthermore, Section 109(e) of Title 11, United States Code sets forth debt limits for individuals to be eligible to file underChapter 13 the debt limits for filing Chapter 13 of unsecured debts of less than $360,475.00 and secured debts of less than $1,081,400.00. These debt limits are subject to annual cost of living increases and represent values updated through April 1, 2010.

Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3-to-5 year period. This written plan details all of the transactions (and their durations) that will occur, and repayment according to the plan must begin within 30 to 45 days after the case has started. 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 would, were the amount given to the debtor to continue collecting interest, allowing the debtor to find a way to pay the amount owed without losing their assets entirely.

Disadvantages

The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 10 years. But you may obtain new debt or credit (credit cards, Auto, or consumer loans) after 12-24 months, and can get a new FHA mortgage loan 24 months after discharge and Fannie Mae and Freddie Mac loan after 36 months . but during the pendency of a Chapter 13 case the debtor is not permitted to obtain additional credit without the permission of the bankruptcy court. 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,Chapter 12 case or those who are in or have recently been in a Chapter 7 case.

Advantages

The advantages of Chapter 13 over Chapter 7 include the ability to: stop foreclosures although a foreclosure would be reinstated upon completion of the bankruptcy; achieve asuper discharge of debts of kinds not dischargeable under Chapter 7;[1] value collateral; 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 leading to a cram down modification of the debt; prevent collection activities against non-filing co-signers (co-debtors) during the life of the case.

Comments

Popular posts from this blog

TRUMP FOR PRESIDENCY!! 2017

I personally am proud of our new president,"Donald Trump", despite the controversial subject matter at hand he has previously thought through some of the tough decisions at hand presently and signed and sealed the decision that all good people would want.
There seems to be a lot of bickering about some issues that remain unresolved and he was quick to resolve them. In his intelligence made the decision that overall would end civil liabilities and put back to work USA .
Making America Great again is not an easy task while he can give the orders to move ahead, the real true work lays in the hands of citizens. How much of your time and energy are you willing to put into "making America great again", is all I'm asking?
This is what you voted for, if you voted.
When there is no work and no money, the work there is becomes very grueling and tedious. Working money sometimes is just as tedious, and you gotta be there to answer the call, step up or step down, your stil…

Blackfoot vs. Cherokee vs, Alabama Coushatta??

A MAP OF UNITED STATE COVERING THE HERITAGE OF MY FOREFATHERS. If this at all seems possible.....
THIS IS A MATERNAL SIDE/but there has been no evidence for the paternal side.

JUST AS HAPPY AS A BUG IN A RUG

Important Blackfoot Mythological Figures
Old Man (also known by his Blackfoot name, Naapi, or spelling variants such as Napi, Nape, Napa, Napiw, Napioa, Na-pe, Na'pi, Na'pe, or Old-Man.) Naapi is the benevolent culture hero of the Blackfoot tribe (sometimes referred to as a "transformer" by folklorists.) He is a trickster, a troublemaker, and sometimes a foolish person, but he is also responsible for the shaping of the world the Blackfeet live in and frequently helps the people. He is assisted in these tasks by his wife, Old Woman or Old Lady (Kipitaki or Kipitaakii in Blackfoot). In some Blackfoot Indian legends both Old Man and Old Woman are associated with coyotes (some Blackfoot storytellers even call them "Old Man Coyote" and "Old Lady Coyote,…

Dangers of smoking and taking marijuana candy alternatives

I was a wife of a man who said, periodically that "marijuana", was safer than even alcohol or smoking cigarettes. That it was even safer to smoke marijuana joints than drinking alcohol or smoking cigarettes and the hidden dangers of getting cancer.This was in the eighties not the the year 2000 and above.

Well, I suppose that it was the lessor of the evils of this world,(Not for me). However; We then realized the hard way the real dangers when Smoking and getting high on marijuana candy and high potency marijuana. How some people would even prefer not driving at all as opposed to loosing the right to smoke marijuana medicinally or not.

The additives that raised the potency, was then recipe'd into a candy that mimicked other famous candy labels.
Which took me back in time to a mass murderer in Texas Known AKA Candy man, or Dean Corell, and his conspirators.
Which I always am stumped by seems there are really only three that impact Texans lives and so children's lives.…