What is the Automatic Stay for Bankruptcy Filers?
Chapter 13 Bankruptcy In Rancho allows you to keep most of your assets while repaying a part of your obligations over three to five years. (This is why it’s sometimes referred to as reorganization bankruptcy.) This differs from Chapter 7, which allows you to avoid paying your obligations but may require you to relinquish property to your trustee for distribution to your creditors. Eligibility If you want to apply for Chapter 13 Bankruptcy In Rancho instead of Chapter 7, you’ll have to show the court that you can keep your payments on track. The court may refuse to enable you to file if you don’t earn enough money or if your income is inconsistent. If you owe too much money, you’re also disqualified. Your secured debts (those that allow a creditor to take property if you default, such as a vehicle or a house) can’t amount to more than $1,149,525 and your total unsecured obligations (medical bills or credit cards) can’t total more than $383,175. The Methodology You must get credit