Chapter 7 The chapter of the Bankruptcy Code providing for “liquidation,” that’s, the sale of a debtor’s nonexempt property and the distribution of the proceeds to collectors. In order to be eligible for Chapter 7, the debtor should fulfill a “means test.” The court docket will consider the debtor’s revenue and bills to determine if the debtor could proceed beneath Chapter 7. Chapter thirteen The chapter of the Bankruptcy Code offering for the adjustment of money owed of an individual with regular income, also known as a “wage-earner” plan. Chapter 13 permits a debtor to maintain property and use his or her disposable earnings to pay debts over time, often three to 5 years.
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So, primarily, all you have is a bunch of recent students making an attempt to determine tips on how to make it work. Consistently with what we say above about learning regulation, we encourage you, of course, to listen to competing views and to make up your individual mind.
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