Learn More About Bankruptcy Chapter 13

Many people want to learn about Bankruptcy chapter 13. There are some important things that people need to know about this type of bankruptcy. In this situation, people need to pay back all or portion of their debts within 3 – 5 year period. They are allowed to keep their property when they are trying to repay their loan back to the lenders. This type of bankruptcy is also known as the reorganization bankruptcy. There is no property that is taken from all people who are in this situation. This chapter of bankruptcy can be beneficial for both creditors and lenders.

Differences Between Chapter 13 with Chapter 7 and Chapter 11 Bankruptcy

There are some differences between chapter 13 with chapter 7 and chapter 11 bankruptcy. Keep reading this article to learn more about these differences. It is a good idea to take a look at some of these points for learning about all available bankruptcy chapters.

Chapter 13 vs Chapter 7

Chapter 13 bankruptcy requires all people to repay some or all loans to the lenders. As the consequences, they are able to keep their properties with them. This situation is different from the chapter 7 bankruptcy. In this situation, people don’t have ability to pay the loan back. Therefore, they need to surrender their property to their loan companies.

Chapter 13 vs Chapter 11

Basically, both situations have similar conditions. People don’t have to surrender their property in both conditions. However, the chapter 13 bankruptcy is only available for all individuals with regular income. When people lose their regular income, they can continue with the chapter 11 bankruptcy. This later case is applicable for all individuals, partnerships, joint ventures, corporations, and many other companies.

How to repay the loan

After filing this chapter 13 bankruptcy, people need to learn how to get out from this situation. They need to repay their debts in full or partial. They can consult with their lawyers for solving this problem. It is important to create repayment plan for getting out from this bankruptcy situation. This plan should describe all important details about how people can pay all of their debts. This plan is going to be used in the court for processing this bankruptcy case.

There are several options that are offered by the court. People can choose their favorite repayment plan within 3 – 5 year period. They also need to describe everything on how they can repay their loans to their loan companies. They should include all loans, for example mortgage, car loan, and many other debts. When they know how to handle all procedures, they should be able to get out from this bankruptcy situation easily.

Posting immigration bail bonds

In case of an arrest, the court is at liberty to hold the suspect until the case is heard and determined. However, it is not in all circumstances that the suspect is held. A bail bond can be issued that will give a guarantee the suspect will appear in court on the date set. When the case involves a foreigner, the courts may issue an immigration bail bond that may see the suspect gain freedom as the trial proceeds. This may be issued as a way to effect deportation of the suspect. The bonds are issued at a cost or free of costs depending on the charges among other factors.

Difference between immigration bails bonds and standard bail bonds

Unlike the standard bonds, immigration bail bonds are issued for detainees held by the bureau of immigration and customs enforcement. They are specifically tailored for immigrants who have in one way or the other fallen out with the law meaning they have a case pending in court. The standard bonds are issued for other citizens who are caught and reside within the courts jurisdictions. Immigration bonds can only be issued with a cash payment to the bureau of immigration and custom enforcement or be done through a registered bail bondsman duly registered.

How immigration bail bonds came about

It is always within the responsibility of the courts to ensure that any determination by the judges is upheld. For immigrants, the determination might be to appear in courts at a set date or to leave the country within a stipulated time. To ensure that this is followed, the bonds were established to act as a security to the courts. In this regard, if the detainee upholds the wish of the courts, the bonds is refundable by if the fail to honor the determination of the court, it is normally forfeited. There are qualifications that must be met by anyone seeking the bail bonds and as such the need to seek qualified advice on your status before application.

Various firms in US that offer immigration bail bonds

To ensure easier service delivery, there are licensed bail agents in varying cities within the US.  Among them is the Ashford, Alabama bail bond agents, AA bail bonds and Liberty bails bonds in Blue Ridge summit Pennsylvania among others. To ensure that you are able to find an agent, the Lawgical promise is a network that provides contact with agents in various states in the US. This is available on an online platform hence ease of access.

Tips To Get Out Of Bankruptcy

Sometimes debts can be unavoidable when they form part of your day to day life. Debts may not be an issue to you as long as you settle them as required by the creditors. If you are in a situation of not being able to pay your creditors the debts you owe them, then you are in a bankruptcy position.

The following are some of the tips on how you can get out of bankruptcy:

Find out the total value of your debts.

When you are bankrupt, it is important to first calculate the total value of your debts. You will be required to identify all your creditors and list them down. Identify how much money each creditor is expecting from you and find out whether there is any debt that is accruing interest. This will be your starting point.

Find out which debts are more urgent

More urgent debts are those debts that can leave you in trouble if they are not settled as early as expected. In most cases the more urgent debts may result in you being penalised highly such that you may end up paying a higher value of money than the original amount. Some debts may even end up in court if not settled on time. If in any chance you are able to get any funds, it’s good to give the most urgent debts a priority.

Identify any sources of income that you may be having that will assist you in paying out your debts

Review your resources and identify which ones can assist you settle out your debts. Settle out all your urgent debts first with the available resources. After you have paid your priority debts, look at the less urgent debts and try to find you how you can be able to settle them out.

Contact all your creditors and talk to them about your debts

Make arrangements with your creditors on paying back whatever you owe to them. Try to make them understand your situation and show your concern for the debts you owe them. Show them how industrious you are in looking for the money to clear the debts.

Negotiate with your creditors on the options that you have on paying the debts that you owe

Creditors will want to hear what plans you have for them. Give them an idea of restructuring the debts by extending the period of repayment to make it affordable to you. Try to find out if you can repay some debts using other ways such as exchange for a particular asset. You can also decide to offer specific services to the creditors as a repayment option.

Also going with a good bankruptcy lawyer who understands the process can truly make the world of difference in speeding things up and navigating through everything.

Reduce allocation on the current unnecessary expenditure

I identify all your monthly expenses. Find out which monthly expenses are not necessary. It is important to do away with any unnecessary costs and instead reallocate the money used on these expenses for debt repayment.

Bankruptcy is not the end of a comfortable good life. With the application of the above bankruptcy tips, you can work it out of being bankrupt and get back to your normal day to day life. However once you are out of bankruptcy, it’s important to come up with a proper budget that will make you responsible for your debts.