How Come I Have to Pay Back Creditors If I Filed Bankruptcy? - PowerPoint PPT Presentation

Loading...

PPT – How Come I Have to Pay Back Creditors If I Filed Bankruptcy? PowerPoint presentation | free to download - id: 5f44d1-NmZhN



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

How Come I Have to Pay Back Creditors If I Filed Bankruptcy?

Description:

An information guide for Chapter 13 debtors. – PowerPoint PPT presentation

Number of Views:48

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: How Come I Have to Pay Back Creditors If I Filed Bankruptcy?


1
How Come I Have to Pay Back Creditors if I filed
Bankruptcy?
Information for Chapter 13 Debtors
2
Chapter 13 vs. Chapter 7
3
There are different types of bankruptcy that
consumers can file if they are in trouble with
their debts
4
Chapter 7 bankruptcy allows for the discharge of
debts without a repayment plan
5
Non-exempt assets are sold, money is distributed
to creditors and the remaining balance of
eligible debts is forgiven
6
Chapter 13 allows debtors to keep their assets
but does not allow for all eligible debts to
immediately be wiped away
7
Many Debtors Must File Chapter 13
8
Change to the bankruptcy law in 2005 made it
more difficult to qualify for Chapter 7 bankruptcy
9
You now have to make below a certain income
level or pass a means test
10
This means that more debtors file for Chapter 13
bankruptcy instead
11
If you file for chapter 13, you will have a
repayment plan and thus will need to pay back
creditors even with the bankruptcy filing
12
Chapter 13 Repayment Plan
13
A chapter 13 repayment plan usually lasts for
anywhere from three to five years
14
Creditors who you owe money to must agree to the
repayment plan
15
The bankruptcy court also must sign off on the
plan, which is administered by a trustee
16
The amount you must pay back under your Chapter
13 repayment plan varies depending upon the kinds
of debts you have and the income available to you
17
When are Debts Discharged?
18
Chapter 13 still provides financial relief by
lowering your payment amounts to reasonable levels
19
At the end of the three to five year repayment
plan, the debts that are covered by bankruptcy
are discharged
20
You still end up with a clean financial slate at
the end of this period, but youve gotten to
keep your assets while having to pay back more of
your debt
21
A bankruptcy lawyer can explain the impact of
chapter 13 bankruptcy on your debts
22
Learn More About Filing Bankruptcy in Washington
DC, Virginia and Maryland
23
www.Lee-Legal.com
Bankruptcy Lawyer in Washington, DC, Maryland and
Virginia
(202) 448-5136 (301) 841-7374 (703) 879-2870
Content provided by Best Legal Practices
About PowerShow.com