In Bankruptcy cases, specifically Chapter 11 and Chapter 13, lienstripping is an effective tool in reducing the payments made to creditors. In Chapter 13, the debtors reorganize their debts into a repayment plan whereas Chapter 11 is for businesses and individuals whose debts exceed the limits in Chapter 13. One of the biggest advantages of [...]
Chapter 13 Bankruptcy filing is for individuals in the United States to undergo a financial reorganization, which is supervised by a Federal Bankruptcy Court. The individual who is badly in debt can file for Bankruptcy either under Chapter 7 or Chapter 13 or Chapter 11. The debtor chooses under which Chapter he or she is [...]
New York bankruptcy laws have considerably checked filing of bankruptcy cases on account of strict federal laws. To file a case one has to fully satisfy the authorities that he has no assets to pay back the debt and therefore is left with no other effective option to stop paying interest on the debt. An [...]
