Background A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is [...]
Everything You Need to Know About a Chapter 7 Bankruptcy Chapter 7 bankruptcy is a process that gives a you a financial fresh start, reeing you from overwhelming debt burdens. Chapter 7, also called “liquidation” or “straight bankruptcy,” is what many people connect with a bankruptcy case. As a debtor, your assets are sold, creditors receive payment, and [...]
LARRY KING You can bounce back from bankruptcy. In the early- to mid-1970s, newspaper editor and radio personality Larry King had amassed $352,000 in debt after publicly being accused of grand larceny by a former business partner. He filed for bankruptcy in 1978, which, coincidentally, was the very same year he was offered his eponymous [...]