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Bankruptcy Questions: What You Need To Know Before Filing

When it comes to answering your bankruptcy questions, there are some very important things you need to know. in this article, I will cover what happens in the case of chapter 13 bankruptcy.

In order for the plan to be approved, at least 66% of the dollar amount in claims creditors need to approve it. if not, you are still out of luck. the first priority you need to pay off is your secured creditors, and if there is anything left over, your unsecured ones.

Finally, with chapter 13, the court essentially outlines a plan for you that describes how you need to pay off your debt, typically with a three to five year window. For this, you will need to demonstrate that you have a reliable income stream, and under two hundred and sixty nine thousand dollars in unsecured debts, and under eight hundred and seven thousand in secured debts.

If you can’t show this, you will not be able to file for chapter 13. The one big disadvantage of this method is that the bankruptcy stays on your credit report for 10 years, which obviously severely hampers your ability to take out loans, mortgages, leases, etc.

However, this method is still better than chapter seven, which should be looked at as a last resort scenario. In order to get the best possible deal, be sure to find a good lawyer that will help you through this process and answer all your bankruptcy questions.

For this, I’d highly recommend finding a friend or colleague who’s recently gone through the bankruptcy procedure, and see who they recommend for a lawyer, as this is far more effective than going to a lawyers website, which will obviously be very biased.

If you don’t know of anyone who’s recently gone through the process, and have to find one yourself, be sure to find the most experience lawyer possible, in order to be sure they know what they are doing and you will get the best deal you can get. They will get all your bankruptcy questions answered and ensure you understand the process thoroughly.

Hopefully this information answers your bankruptcy questions and will help you get your business and finances back in order as quickly as possible.

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