Millions of people are going to court to seek protection from the harassment of the creditors. There are mainly two chapters under which financial distress petition can be filed. These are chapters 7 and 13. Chapter 7 allows for the property to be sold off and the proceeds to be divided among the creditors. This is mainly done through the order of priority with the secured creditors being considered first.
Once the secured creditors have been given their dues, the unsecured creditors are then paid. In case a debtor files under chapter 13, the debtor makes a repayment plan to have the creditors paid. There are debts that cannot be discharged, among them alimony and child support. In case where the bankruptcy is followed by divorce, the debtor should be ready to pay monthly fees towards spouse and child support.
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This should be expected especially by those who file under chapter 13 or the wage-earner chapter. If in case bankruptcy will lead to divorce, it is important that the debtor or the parties involved know how to go about the petition. In case the financial distress is filed in the name of both the partners and they later wish to part ways, it is important that they first settle the financial distress to make it easy for the divorce case to be settled.
Bankruptcy might seem hard for anyone doing it for the first time but it will be very important to seek the guidance of an attorney and to faithfully attend the counseling sessions since most of the questions will be answered here.
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