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An Explanation Of Chapter 13 Monterey

By Carolyn Fox


Bankruptcy is not what it used to be. You would have found that in the past, the bank would have come in and simply marched off with all of your assets. However, today, you will find that there are more options available and you can take advantage of difference plans so this becomes more manageable. The Chapter 7 and the Chapter 13 Monterey have become very popular.

By the end of the process, you would have eliminated all of your debt and come to a place in time when you able to be more careful with your money. A trustee is assigned and they will manage the case. They will make contact with your creditors and you will then make the payments over a length of time.

The Chapter 7 plan will give the debtor a fresh start by getting rid of some of the assets that they no longer need. These are sold and the money is paid to the creditors. It is paid off quickly and you are usually back on your feet within a year. The other alternative is the Chapter 13 plan. This is usually going to take more time to pay off.

The next best thing is Chapter 13 which will take a little longer to pay the creditors, but your property is not taken away from you. It is usually for the homeowner who has got themselves into a crisis because of debt. Sometimes this happens because of student loans that haven't been paid or because someone has just got divorced and they can't afford the child support.

There are certain things that someone who has a chapter 13 plan can do compared to one who has a plan for chapter 7 who is not allowed to do. For example, someone with chapter 13 will be able to sign up for new conditions when they have an old car payment to make. The plan will also include the fee of the attorney.

A trustee is assigned to contact the creditors. They will then liaise with them. People pay different amounts, depending of their finances. There is a lot that goes into the equation and this will determine what you have to pay every month. It depends on how much you earn as well as your debts, the value of your property as well as your expenses that you have to pay.

If they are not able to come out on what they are earning, then they may have to look for another source of income. This type of organization and planning will avoid any further crisis that can creep up can cause havoc. The trustee that is assigned by the court is helpful in going between the debtor and the creditors. They help organize what needs to be sold and this is how creditors will be paid.

Sometimes, people land up with financial problems because of their lifestyle. They may have gone through a divorce and they have to make child support payments. They may have started a business and this can cost a lot in the beginning. One needs practical advice during this time. A financial expert can help with this. Over time, one will be able to manage these payments, but you need to be working with someone else.




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