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A chapter 13 is a consolidation bankruptcy meaning the debtor presents a repayment schedule to the trustee/court. Secured debts are either reaffirmed or continued paid as agreed if there is not arrearages. Voluntary forfeiture of secured property such as a vehicle is still considered a repossession.

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โˆ™ 2006-08-03 15:33:54
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Q: Can you forfeit most of your secured debts in a chapter 13 like you can in a chapter 7 if you you do not qualify for a chapter 7 but wish to liquidate as much as possible?
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Related questions

Is it possible to NOT qualify for chapter 13 bankruptcy?

Yes


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What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.


Do you need a minimum income to qualify for a chapter 7 bankruptcy?

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What is Chapter 4 Bankruptcy?

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Do you qualify for unemployment if you quit your job in Illinois to relocate to PAfor husbands job?

Probably not. Unemployment benefits are usually only available if you lose your job (i.e. fired, laid off), not if you forfeit it.


What schedule do I list garnishment on chapter 7 bankruptcy?

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Can liverpoolfc qualify for champions league?

It is theoretically possible, but realistically they will not qualify this season, and would do well to qualify any time within the next two or three years.


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Can payday loans be discharged by filing a chapter 13 bankruptcy?

Yes, they can be discharged. A chapter 13 may not be the best way to go, however. You should consider a chapter 7, if you qualify. Consult a local bankruptcy lawyer.


How does chapter 11 bankruptcy affect you?

Chapter 11 bankruptcy allows you to reorganize your debt so that you may pay it off. But it is not for everyone. You should contact a lawyer to see if you could even qualify for Chapter 11 bankruptcy.


Is it wise to file for bankruptcy before filing for divorce?

That depends on your situation: First, you must ascertain if you are eligible for a Chapter 7 or Chapter 11. Chapter 11 is a repayment plan while Chapter 7 is a liquidation plan. If you and your spouse qualify for Chapter 7 before filing for divorce based on the "means test", then that is probably the answer for you. If not, you may wish to examine the issue in post-divorce terms. If you do not qualify for a Chapter 7, then a Chapter 11 might well substitute for a property settlement agreement. In any event, this is not a decision to take without the help of a qualified lawyer who practises in the area of consumer bankruptcy law. Make an appointment straightaway! That depends on your situation: First, you must ascertain if you are eligible for a Chapter 7 or Chapter 11. Chapter 11 is a repayment plan while Chapter 7 is a liquidation plan. If you and your spouse qualify for Chapter 7 before filing for divorce based on the "means test", then that is probably the answer for you. If not, you may wish to examine the issue in post-divorce terms. If you do not qualify for a Chapter 7, then a Chapter 11 might well substitute for a property settlement agreement. In any event, this is not a decision to take without the help of a qualified lawyer who practises in the area of consumer bankruptcy law. Make an appointment straightaway!


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What happens to someone in a personal bankruptcy?

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Can you file bankruptcy if your unemployed?

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Do you need a minimum income to qualify for a chapter 13 bankruptcy?

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What is the process for using bankruptcy chapter 13?

First, contact a lawyer in your state to make sure you qualify. The lawyer in your state will be able to walk you through the proper steps to file chapter 13 bankruptcy.


Can you file a chapter 7 bankruptcy without your spouse in CA?

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Can you change from a chapter 13 to a chapter 7 if you have 1 year or two to go in your bankruptcy in Louisiana if so how?

Converting a 13 to a Chapter 7 is not uncommon and is usually allowed. The first step in the procedure should be contacting the Chapter 13 BK trustee. The trustee will be able to inform the involved parties if they qualify for the conversion.


Can you be current on your credit cards and file chapter 13?

Yes. But in California, you can not have more than ~$330,000 of unsecured debt if you are going to file for Chapter 13. Check your local bankruptcy rules to see if you qualify for chapter 13 bankruptcy based on your debt.


What is one company that is considered a bankruptcy business?

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Could you change your chapter 7 to chapter 13 after being discharged?

Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.


If your company files chapter 11 do you qualify for unemployment?

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