Overview of Bankruptcy Chapter 13 Concept
Generally, Bankruptcy chapter 13 concepts are preferred by debtors who have a valuable asset, such as a home, that is not completely covered by exemptions and that they wish to keep. This is possible because under Bankruptcy chapter 13 a debtor proposes a plan to repay creditors over a three to five year period during which the debtor can make up overdue payments on any assets and pay into the plan the equivalent value of any assets not covered by exemptions. Since the debtors plan will require regular monthly or biweekly payments, Bankruptcy chapter 13 is usually only appropriate for an individual debtor who has a regular source of income.

Comparing Chapter 7 and Chapter 13 Bankruptcy
Sometimes situations arise when you can no longer pay your bills. Although you may have the best intentions of paying off your debt, you simply may not have the means to make this happen. When you can no longer pay your bills, you may need to consider filing bankruptcy. Hopefully you will have considered your alternatives but sometimes bankruptcy is the most viable option. The question then becomes which type of bankruptcy will best suite your financial needs, Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Your current situation will help you to decide which bankruptcy route is best for you.

The Difference Between Chapter 7 and Chapter 13 of the Bankruptcy Code
Individuals who have amassed large debts have many options However, if an individual finds that non-bankruptcy alternatives are not feasible, a decision then must be then made between filing a Chapter 7 liquidation proceeding or a debt adjustment proceeding under Chapter 13

Wickes Furniture Seeks Chapter 11 Protection
Wickes Furniture announced that it has filed petitions in the U.S. Bankruptcy Court for the District of Delaware for relief under Chapter 11 of the U.S. Bankruptcy Code on February 3, 2008. The Company will continue to operate its stores while under Chapter 11 protection.

Using Chapter 13 Bankruptcy To Stop Foreclosure
Only a few years ago, Congress made multiple huge changes to the bankruptcy laws which impacted how bankruptcy would be filed, and even who is eligible. For example, no longer can you file bankruptcy just because you are tired of paying your bills, but with the new laws, there is a defined set of procedures that must be followed for each chapter being filed, and your financial status will be evaluated under a microscope, where you must be approved before you can even file.

Bankruptcy Law Firms Network

Resources on Bankruptcy Lawfirms