I received a paper from the bankruptcy court. Could you please tell me the following phrase in easy word. I am an uninsured creditor on a chapter 13 bankruptcy.
Following----
It is further ordered that general unsecured creditors will receive no less than $8,000.00 total.
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Especially ' will receive no less than $8000 total' . What is that mean?
2007-01-16 14:40:30 · 2 answers · asked by ? 1 in Business & Finance ➔ Other - Business & Finance
The court is saying that unsecured creditors (e.g. credit cards) will get at least $8,000 from you.
2007-01-16 20:24:50 · answer #1 · answered by csanda 6 · 0⤊ 0⤋
The difference between Chapter 13 and Chapter 7 is: Under a Chapter 13, you repay most or all of your debts before your slate, so to speak, is wiped clean. Under Chapter 7 your don't have to repay the debts that were incurred before you filed your bankruptcy.
Your letter from the court is ordering you to pay your creditors the $8000.00 you owe. The bad thing about Chapter 13 is this, if you miss any payments at all that are due under your Plan, you case will be dismissed by the court.
2007-01-16 23:27:15 · answer #2 · answered by stiletto 4 · 0⤊ 0⤋