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Chapter 13 bankruptcy is a process in which the court calculates a debtor's disposable income and uses the amount to create a payment plan toward debts. A Chapter 13 debt payment plan lasts three to five years. More »

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Chapter 7 is described as basic bankruptcy in that it permits the liquidation of all debts, according to Cornell University Law School. Chapter 13 allows individuals to enter a payment plan to pay off their debts over ti... More »

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Individuals and couples filing taxes jointly may qualify for Chapter 13 bankruptcy, according to the AllLaw website. Businesses are ineligible and can only file for a Chapter 11 option. Nolo says that stockbrokers and co... More »

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Filing for bankruptcy allows debtors to suspend loss of property while bankruptcy courts work out payment plans or discharge of debts, but foreclosure is the action of lenders to repossess property on which debtors owe p... More »

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Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a process where the debtor's non-exempt assets are sold, and the proceeds are given to his creditors to help repay his debts. Any remaining debt is forgiven,... More »

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The main difference between Chapter 7 and Chapter 13 bankruptcy is that Chapter 7 allows a person to dismiss his unsecured debt, while chapter 13 provides a way to restructure debts into a manageable repayment plan. Cert... More »

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The minimum payment calculated by Care One varies based on a person's debts, income and expenses, as of February 2015. Care One offers debt relief services that combine all debts into one account to set up a single month... More »

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