Title : Familiarizing Yourself With Chapter 13
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Familiarizing Yourself With Chapter 13
In the event that you are looking into Chapter 13 bankruptcy, it's important to know exactly what it requires, and what it could mean for your future. So how does this process eliminate your debts, and just how might you know whether you're eligible? This is a brief introduction to what to anticipate in Chapter 13.
This Chapter is often referred to as a reorganization bankruptcy; compared with Chapter 7, which makes use of your possessions to repay what you owe, Chapter 13 gives you the chance to rearrange your financial obligations and produce a payment plan. This varies according to your existing and anticipated salary, and so will whether or not you're eligible. In order to petition for Chapter 13, a person must have a stable source of income, under $336,900 in unsecured debt and no greater than $1,010,650 in collateralized debt. A secured debt is one whereby a creditor is able to take a certain piece of property, like a residence or a car, if you can't pay; a good example of unsecured debt could be charge card or medical costs, which don't give collectors the authority to claim any kind of personal assets.
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