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Following Chapter 13 bankruptcy, the debtor will receive a discharge of debt.The debtor may even be able to set up new terms for repayment of a car loan and will protect the debtor’s co-signer on any loans they have from having to pay the debt.

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liquidating chapter 11-6

liquidating chapter 11-6

They refer to the chapters of the bankruptcy code under which your case may be filed.The debtor typically has a time frame of approximately four months to come up with their reorganization plan.However, if there is instance of just cause, the court can then extend this amount of time and may allow the debtor to have up to eighteen months following the date of the filed petition.A meeting of all the creditors will happen within forty days following the petition and the debtor will then go under oath and agree to answer any and all questions.For Chapter 7 to be successful, the debtor should comply and cooperate with the proceedings and provide any information that is needed.

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