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Chapter 13 Bankruptcy Essay

486 Words2 Pages

IS CHAPTER 13 BANKRUPTCY THE RIGHT CHOICE FOR YOU?
Chapter 13 bankruptcy is often referred to as “reorganization” and/or “the wage earner’s plan” bankruptcy, as in filing chapter 13 bankruptcy San Antonio allows individuals and small businesses in debt crisis to receive bankruptcy protection without having to pledge any assets. Debtors are given the privilege to create a payment plan, in accordance to their convenience, to repay a portion or all of their debts over a period of three or five years. The remaining eligible debts are discharged once the plan is completed. The wage earners and those seeking to avoid home foreclosure, are commonly the one to opt for filling chapter 13 bankruptcy in San Antonio.
Filling Chapter 13 bankruptcy is different …show more content…

This is a special program conducted for the debtors. Attendance to this program is compulsory for the debtors. The program discusses some financial basics, as well as the alternatives to bankruptcy, which may be helpful for the debtors for whom the chapter 13 is not suitable. One must be informed on these in order to avoid bankruptcy. Credit counseling and debtor education aim at resolving these issues. Who are eligible to file for Chapter 13 Bankruptcy in San Antonio?

The most important criteria for filing chapter 13 bankruptcy in San Antonio is that the debtor has to have been a residence of the state of Texas for the majority of 180 days preceding the bankruptcy filing.
Though a debtor is considered eligible for Chapter 13 protection if:
a. The debtor is an individual. -A business name or even a sole proprietorship is not eligible for filing Chapter 13 bankruptcy in San Antonio. However, individuals who organize businesses can include business debts in their Chapter 13 plans only if they are personally liable for the debts.
b. The debtor is not a stockbroker or commodity broker, - Stockbrokers and commodity brokers are not allowed to file bankruptcy under Chapter 13

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