Filing For Bankruptcy - Chapters 12-15
Luckily, the United States Code of law offers federal regulation and help when you file for bankruptcy.
However, it can be confusing to file for bankruptcy because this same code allows for six different chapters of bankruptcy-7, 9, 11, 12, 13, and 15.
This article will focus on the last three chapters of bankruptcy to help you decide which chapter is right for you.
Although some people may consider filing for bankruptcy to be shameful and embarrassing, it can actually be a huge step forward in decreasing your debt and getting your life back on track.
Bankruptcy chapters function to help the debtor while still trying to settle the issues with the creditor.
If you are looking to get your debt in hand, filing for bankruptcy might be the right option for you.
Chapter 12.
Chapter 12 bankruptcy is specifically for family farmers and family fishermen with a regular source of income.
Basically, it is to help people who fall under economic hard times based on the state of nature-storms, bad weather, etc.
are all out of farmers' and fishermen's hands, yet can result in a struggle to pay the bills.
Filing for Chapter 12 typically involves less red tape and is cheaper than other types of bankruptcy.
This type of bankruptcy gives a fisherman or farmer time to develop a debt repayment plan.
Chapter 13.
Chapter 13 bankruptcy allows for debt to be adjusted based on the individual filing the claim.
This person must have a regular source of income, but this type gives them time to propose a repayment schedule.
Additionally, filing for Chapter 13 can help save your home from being foreclosed.
Chapter 13 is similar to Chapter 7 bankruptcy in that it is typically for individuals rather than business entities, but this chapter does not force liquidation.
Chapter 15.
Filing for a Chapter 15 bankruptcy only became available in 2005 as per the Bankruptcy Abuse Prevention and Consumer Protection Act.
It specializes in ancillary and international debt.
Because this type deals with cross-border debt repayment, it requires a good amount of cooperation between the countries involved.
A foreign person does not always have to file for Chapter 15 if they have enough assets in the United States to file for Chapter 7 or Chapter 11.
However, if the investigation and filing of bankruptcy is filed in a different country, a foreign representative can act like a type of trustee to oversee the liaison between the American case and the foreign one.
However, it can be confusing to file for bankruptcy because this same code allows for six different chapters of bankruptcy-7, 9, 11, 12, 13, and 15.
This article will focus on the last three chapters of bankruptcy to help you decide which chapter is right for you.
Although some people may consider filing for bankruptcy to be shameful and embarrassing, it can actually be a huge step forward in decreasing your debt and getting your life back on track.
Bankruptcy chapters function to help the debtor while still trying to settle the issues with the creditor.
If you are looking to get your debt in hand, filing for bankruptcy might be the right option for you.
Chapter 12.
Chapter 12 bankruptcy is specifically for family farmers and family fishermen with a regular source of income.
Basically, it is to help people who fall under economic hard times based on the state of nature-storms, bad weather, etc.
are all out of farmers' and fishermen's hands, yet can result in a struggle to pay the bills.
Filing for Chapter 12 typically involves less red tape and is cheaper than other types of bankruptcy.
This type of bankruptcy gives a fisherman or farmer time to develop a debt repayment plan.
Chapter 13.
Chapter 13 bankruptcy allows for debt to be adjusted based on the individual filing the claim.
This person must have a regular source of income, but this type gives them time to propose a repayment schedule.
Additionally, filing for Chapter 13 can help save your home from being foreclosed.
Chapter 13 is similar to Chapter 7 bankruptcy in that it is typically for individuals rather than business entities, but this chapter does not force liquidation.
Chapter 15.
Filing for a Chapter 15 bankruptcy only became available in 2005 as per the Bankruptcy Abuse Prevention and Consumer Protection Act.
It specializes in ancillary and international debt.
Because this type deals with cross-border debt repayment, it requires a good amount of cooperation between the countries involved.
A foreign person does not always have to file for Chapter 15 if they have enough assets in the United States to file for Chapter 7 or Chapter 11.
However, if the investigation and filing of bankruptcy is filed in a different country, a foreign representative can act like a type of trustee to oversee the liaison between the American case and the foreign one.
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