Emile Harmon: Filing For Bankruptcy

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Post on 19-Jul-2015

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<ul><li><p>Information About</p><p>Bankruptcy</p><p>Emile Harmon</p></li><li><p>Filing for Chapter 7:Chapter 7 does not require filing arepayment plan such as with filing forChapter 13.</p><p>Rather, the trustee collects and sells thedebtor's assets and uses the profit made onthe sell of the assets in order to paycreditors.</p><p>When filing for Chapter 7, debtors shouldrealize that the consequence may be thedebtor losing property.</p></li><li><p>Chapter 11 bankruptcy is considered the "reorganization" bankruptcy. </p><p>If an individual has failed to appear before the court and previously had a bankruptcy petition dismissed, he or she is not permitted to file for Chapter 11 bankruptcy. </p><p>The beginning of filing for Chapter 11 involves the individual submitting a petition with the court in the area of the individual's residence. </p><p>Filing for Chapter 11:</p></li><li><p>Filing for Chapter 13:Chapter 13 bankruptcy allows debtors to hold onto property and to pay off their debts over time rather than having to pay them all off at once. </p><p>This type of bankruptcy filing is also known as a wage earner's plan which allows individuals to create a payment plan to begin paying off debts. </p><p>Filing for Chapter 13 over Chapter 7, will often assist individuals with holding onto personal properties such as their homes. </p></li></ul>