Avoid Foreclosure – Option 14: CHAPTER 13 BANKRUPTCY
- Tamera Aragon
- May 25, 2011
- 1 min read
Updated: May 22
Option 14. CHAPTER 13 BANKRUPTCY
Q: WHAT DEBTS ARE NOT DISCHARGEABLE?
With some exceptions, the following debts remain even after bankruptcy: · Child support & alimony · Student loans that became due less than 7 years ago · Federal and state income tax obligations less than 3 years old · Debts for restitution from criminal convictions and drunk driving · Debts the bankruptcy court decides where from intentional acts, fraud or wrongdoing (e.g., lying on your bank loan application).
Q: WHAT IS CHAPTER 11 BANKRUPTCY?
Chapter 11 is reorganization for businesses and individuals with debts too large for Chapter 13.
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, or individual with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00, although it is most prominently used by corporate entities.
