Final - Liquidation Proceedings under chapter 13 is used to...

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Liquidation Proceedings under chapter 13 is used to adjust the debts of individual with regular income whose debts are small enough and whose income is significant enough that substantial repayment is feasible. This is the type of bankruptcy I would file as an individual because of the amount of debt that I have and the amount of money that I make yearly. This type of bankruptcy is most common among the average American working the normal 9 to 5 job. Chapter 13 proceedings cannot exceed $336,900for unsecured debts, and the secured debts cannot exceed $1,010,650. A plan is made for all or a portion of future earnings or income for the payments of debts. A typical plan is normal based over three to five years and allocates one-fourth of a person’s take home pay to repay debts. Unsecured claims may be repaid in full or reduced to a level not lower than the amount that would be paid upon liquidation. Secured creditors may be protected in several ways. They may allow them to retain the lien, by
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Final - Liquidation Proceedings under chapter 13 is used to...

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