Chapter 13 Trustee And Its Role In Bankruptcy Discharge

Whenever a person appeals for bankruptcy he or she has to follow certain rules and regulations. There is a well laid out role under chapter 13 trustee which has been codified 1978 under 11 U.S.C. section 1302. As per the broad terms of this role a chapter 13 trustee is appointed by the relevant authorities take care of the case. Only under abnormal circumstances or when there is a conflict of interest between the trustee or the debtor, the person appointed will not continue to perform the role of chapter 13 trustee throughout the entire Read More …

The Types Of Bankruptcies You Could Settle For

Generally there are 2 types of bankruptcies that are made available to consumers, which are the chapter 7 and chapter 13. Let us now take a closer look at each of them, and the specific requirements for filing them. Chapter 7 Also known as straight insolvency, this is the most common kind that is permissible to be filed by the law, by both consumers and businesses alike. To file for this type of foreclosure , your current income needs to be at least at the same level as the median amount set in your given Read More …

The 6 Types of Bankruptcy Chapters and What they Mean

Most people are only aware of the Chapter 7 and 13 Bankruptcy Chapters. According to the Bankruptcy Code of the United States however, there are six chapters in all, found at Title 11. By being aware of them all, you will be at a much better position to decide which chapter best applies to the situation. Chapter 7 Chapter 7 bankruptcy is the most basic type and the one commonly taken by many individuals. In a Chapter 7 filing, all the unsecured assets are sold off and the proceeds are used to pay off the Read More …