What are the benefits of Chapter 11 versus Chapter 13?
I have mounds of credit card debt, a car that I owe more then I could sell it for, and a house that is in the same condition – and our income has taken a hit and I can no longer afford to make payments.
I am considering Bankruptcy. What would happen to all this debt? What are the major differences between Ch.11 and 13?
I live in Texas, if that helps.
10 points to best answer with a reference link.
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I think:
Chapter 11: bankruptcy protection, debtors cannot go after you for any money yet because if they did, obviously, you’ll go bankrupt. companies continues to function and/or reorganize in order to bring in more revenue without so much loss due to debt and interest expense.
Chapter 13: you begin to make interest free payments back to debtors through a court order. It’s almost like a recovery period for companies to get back on their feet.
Basically, Chapter 7 is a complete relief of debt and Chapter 13 is a repayment through a court appointee. How you file depends on your income. You need to an attorney to do this properly. Here’s a link which may provide you with more answers.
http://www.totalbankruptcy.com/state-laws/texas/default.aspx?GCID=S14618x001&KEYWORD=texas+bankruptcy&s_kwcid=texas%20bankruptcy%20in|2406293643