Illinois Sample Letter for Fee Structures for Bankruptcies
Description
How to fill out Sample Letter For Fee Structures For Bankruptcies?
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FAQ
Bankruptcy is a legal process by which you may be discharged from most of your debts. Its purpose is to permit an honest, but unfortunate debtor to obtain a discharge from most debts, subject to reasonable conditions.
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
Disposable Income and Chapter 13 If you are filing for Chapter 13, the answer is no, not for the duration of the process. The court will calculate your necessary expenses (food, utilities, etc.) and that will be the amount of money you retain once your payment plan obligations are met.
Chapter 13 cases can be filed for no money down because the attorney fees and court costs can be rolled into a 3-5 year repayment plan. While you're at it, you can also wipe away all of your other unsecured debt (credit cards, medical bills, payday loans, old collections, etc.).
At the end of the process, most of your debts will be discharged and you will no longer be under any obligation to repay them. However, certain debts, like student loans, child support, and taxes, cannot be discharged. Chapter 7 is generally chosen by individuals with lower incomes and few assets.
Funds received after the date of an Order of Dismissal or an Order of Conversion in a confirmed case and after the Trustee has closed the case will be disbursed directly to the debtor(s). These refunds will be generated once per month, near the end of the month, prior to the regular disbursement cycle.
