| Chapter 12 Plans |
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| A debtor is required to file a Chapter 12 plan within 90 days of the petition date, unless an extension is granted by the court. Once the plan is filed, the court is required to hold a hearing on confirmation within 45 days. However, in practice, the date for filing a plan is often extended. Plans range from three to five years. Creditors are to have at least 20 days notice prior to the confirmation hearing. A unique feature of the Chapter 12 plan is that plan payments are often due seasonally as the debtor receives income, such as after the harvesting of crops. More... |
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| Discriminatory Treatment Protection |
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| The Bankruptcy Code protects bankruptcy debtors from various forms of discrimination based upon the filing a bankruptcy case, insolvency prior to a bankruptcy case, or nonpayment of a debt that was discharged in a bankruptcy case. It also protects other persons with whom a bankruptcy debtor has been associated. Many of these protections are not limited to individuals who have been bankruptcy debtors or who have been associated with bankruptcy debtors.More... |
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| Liability of a Bankrupt's Co-signer |
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| Bankruptcy is the legal process by which a debtor who is unable to pay his debts seeks to make a fresh financial start. Through bankruptcy, a debtor can either eliminate his debts or repay his debts. "Liquidation" is the process by which a debtor is rid of many of his debts. "Reorganization" is the process by which a debtor prepares a plan for the repayment of his debts. Federal law, rather than state law, governs bankruptcy proceedings, which take place in United States Bankruptcy Courts.
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| How Often Can a Debtor File for Bankruptcy? |
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| Some individuals, companies, or businesses consider filing for bankruptcy, usually as a last resort, when they are unable to pay their debts. About 1.5 million Americans filed for bankruptcy in 2002. That same year, nearly 40,000 businesses in the United States sought the protection of the bankruptcy laws in 2002. More... |
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| The "Clean Slate" of Chapter 7 Bankruptcy |
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| What is Chapter 7 bankruptcy? More... |
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