Under the Federal Bankruptcy Code individual consumers to discharge debts in bankruptcy, which allows them to start anew. Petition in bankruptcy brought about remain the "automatic." The automatic stay immediately stops your creditors from attempting to collect what you owe to them. If you register under Chapter 7 bankruptcy, many of your debts will be canceled without repayment. Could in turn, you have to forego some of your nonexempt property.Property that is tax exempt and will not be waived would be motor vehicles, clothing, household pension and life insurance. The entire process takes about three to six months, and most often requires only one trip to the courthouse.
Joint debts are discharged in Chapter 7 bankruptcy are:
(1) credit card debt, (2) Utility [telephone, gas and electric service] debt, (3) debts for professional services [doctors, dentists, lawyers, accountants], (4)Anticipated losses on uncompleted contracts and leases (5), department stores and catalog fees, (6) Personal loans (7) and federal tax liability.
Chapter 13 bankruptcy allows that person to repay a portion of their debt with court supervision, within three to five years. Chapter 13, you can arrange your finances, repay a portion of the debt and sat down again on your financial feet. Under a typical plan, that the monthly payments to a bankruptcy trustee, , Who appointed by the bankruptcy court to oversee your case. The bankruptcy trustee distributes the money to your creditors.
The most common reasons for filing a Chapter 13 bankruptcy are:
(1) The debtor is behind on his mortgage or car loan and wants to make up the missed payments over time and again the original agreement, (2) The debtor has valuable nonexempt property, (3) The debtor is not eligible for a discharge under Chapter 7[> Bankrupt the debtor has a prior Chapter 7 bankruptcy within the past 6 years brought], (4) The debtor has one or more substantial debts that are not dischargeable under Chapter 7 bankruptcy, but will be dischargeable [certain tax credits under Chapter 13 bankruptcy claims], (5) The debtor has a sincere desire to do to repay his debts, but needs the protection of the bankruptcy court to do so.
In many cases, bankruptcy of the debtor is a free federal,state or local tax bill that the bankruptcy is filed schedules included with the petition. Our company specializes in meeting the income tax, property tax, payroll withholding and employer employment taxes, sales tax, business tax and employee benefits in bankruptcy.
If you want to attend a meeting to arrange to discuss these issues in detail, please call us and we look forward to the best plan to discuss achieving your goals.
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