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Most Chapter 7 applicants don't even set foot in court and only see the judge if there are objections to the bankruptcy plan. Different Types of Bankruptcy If you were to ask an attorney, "What is bankruptcy?Chapter 13 debtors typically appear in court just once, at the bankruptcy plan confirmation hearing. " you would probably be asked whether you are a business or an individual, the status of your debts, and other questions to help narrow down the definition.
This is similar to a Chapter 11 reorganization, but applicable to a city or some other municipality instead of a business entity.
Next Steps: Learn More About Your Bankruptcy Options With an Attorney Bankruptcy can be a confusing area of the law.
See Find Law's Bankruptcy Basics section for additional articles and resources.
Bankruptcy: Origins and Background Several early attempts at creating universal bankruptcy rules, beginning in 1800, were amended and eventually repealed until passage of the so-called "Nelson Act" in 1898. Each bankruptcy court also has its own local rules. has its own bankruptcy court, while each state has at least one district (90 districts total).
The main difference, as opposed to Chapter 7, is that the Chapter 13 filer typically remains in possession of property and makes payments to creditors through the trustee.
The plan is based on the debtor's projected income over the life of the bankruptcy plan.
For example, an appointed trustee carries out the administrative duties of Chapter 7, Chapter 13, and other types of bankruptcy cases. The bankruptcy discharge, a court order releasing the debtor from personal liability for certain debts, is the main way this is accomplished.
The debtor actually has very little interaction with the bankruptcy judge. The discharge also prohibits creditors or collections agencies from communicating with debtors.
Instead of liquidating assets, Chapter 13 debtors work out a plan to repay creditors over a longer period of time, usually three to five years.
The court either approves or rejects the repayment plan at a confirmation hearing, based on whether it meets requirements established by the Code.
The goal of this type of bankruptcy is to allow family farmers and fisherman to continue operations throughout the duration of the plan.Tags: Adult Dating, affair dating, sex dating