Liquidating chapter 11
Chapter 13 Chapter 13 Bankruptcy is titled "Adjustment of Debts of an Individual with Regular Income." Unlike Chapter 7, Chapter 13 is best suited to debtors with regular income.
Those who file under Chapter 13 typically are able to hold onto valuable assets, such as a house and car.
The plan may be for as long as three years for Chapter 12 filings, and up to five years with court approval.
The trustee in Chapter 12 cases functions similarly to a trustee in Chapter 13.
For example, an appointed trustee carries out the administrative duties of Chapter 7, Chapter 13, and other types of bankruptcy cases. The bankruptcy discharge, a court order releasing the debtor from personal liability for certain debts, is the main way this is accomplished.
The court either approves or rejects the repayment plan at a confirmation hearing, based on whether it meets requirements established by the Code.Chapter 12 The purpose of Chapter 12, titled "Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income," is self-explanatory.The Chapter 12 process is quite similar to that of Chapter 13, in that the debtor devises a plan to repay his or her debts over a period of a few years.Most Chapter 7 applicants don't even set foot in court and only see the judge if there are objections to the bankruptcy plan. Different Types of Bankruptcy If you were to ask an attorney, "What is bankruptcy?