What are the advantages and disadvantages to filing for Chapter 13 , Bankruptcy. I hear they differ fro state to state. I would appreciate any advice from someone in the know or with carnal knowledge having been through it themself.
2007-03-02 09:13:40 · 3 answers · asked by shoes_1976 1 in Business & Finance ➔ Personal Finance
Carnal knowledge? not sure you mean that.
Chapter 13 bankruptcy is federal, and does not vary from state to state.
Here is a good basic primer on the subject. It is worth looking at if you are interested in the topic. http://bankruptcy.findlaw.com/bankruptcy/bankruptcy-chapter-13/
2007-03-02 09:17:54 · answer #1 · answered by C_Bar 7 · 0⤊ 0⤋
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RE Personal Bankruptcy?
What are the advantages and disadvantages to filing for Chapter 13 , Bankruptcy. I hear they differ fro state to state. I would appreciate any advice from someone in the know or with carnal knowledge having been through it themself.
2014-10-04 14:11:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Chapter 13 lets you keep assets in which you have equity
Chapter 13 lets you pay arrearages in mortgages and keep your house.
Chapter 13 lets you discharge some debts you can't discharge in chapter 7.
Disadvantages:
Chapter 13 requires you to commit your disposable income to your plan for at least 3 years and up to 5 years in most cases.
See resource links at http://www.abiworld.org or my website http://www.bankruptcy.lakelaw.com
2007-03-04 11:38:09 · answer #3 · answered by DLeibowitz 5 · 0⤊ 0⤋