Author Question: Although Chapter 7 is more widely recognized, the change in bankruptcy law has resulted in an ... (Read 55 times)

laurencescou · **on:** Aug 3, 2018

Although Chapter 7 is more widely recognized, the change in bankruptcy law has resulted in an increase of Chapter 13 filings.

Indicate whether the statement is true or false

Question 2

Fully Summarize the Chapter 13 process.

What will be an ideal response?

Shshxj · **Reply #1 on:** Aug 3, 2018

Answer to Question 1

TRUE

Answer to Question 2

Student should address the fact that Chapter 13 is available to individuals with regular income. Student should discuss how a person comes to file a Chapter 13. Some individuals must file Chapter 13 due to their income level and some choose Chapter 13 to retain certain assets, etc. The student should address issues dealing with the means test, how co-debtors are treated, pre-petition credit counseling, the meeting of the creditors, the formulation of a repayment plan, how creditors are paid and treated, i.e., priority creditors must be paid in full by the end of the plan.