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The principle of self liquidating debt

Another type of debt that is not discharged is debt that is reaffirmed by the person filing the bankruptcy.

Reaffirm and reaffirmation agreement are terms that are described in the Bankruptcy Glossary.

Chapter 13: In a Chapter 13 proceeding, the debtor must pay all or part of his debts from the future income over a period of three to five years through his chapter 13 plan.

For some people, the time period must be five years.

Until April 1, 2016, an individual or husband and wife filing jointly must owe unsecured debt which is less than 3,175 and secured debt which is

Another type of debt that is not discharged is debt that is reaffirmed by the person filing the bankruptcy.Reaffirm and reaffirmation agreement are terms that are described in the Bankruptcy Glossary.Chapter 13: In a Chapter 13 proceeding, the debtor must pay all or part of his debts from the future income over a period of three to five years through his chapter 13 plan.For some people, the time period must be five years.

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Another type of debt that is not discharged is debt that is reaffirmed by the person filing the bankruptcy.

Reaffirm and reaffirmation agreement are terms that are described in the Bankruptcy Glossary.

Chapter 13: In a Chapter 13 proceeding, the debtor must pay all or part of his debts from the future income over a period of three to five years through his chapter 13 plan.

For some people, the time period must be five years.

Until April 1, 2016, an individual or husband and wife filing jointly must owe unsecured debt which is less than $383,175 and secured debt which is $1,149,525.

If an individual or husband and wife filing jointly, debts exceed either of these limits, then the only option to reorganize is under chapter 11.

In Mississippi, most consumer chapter 7 filings are what we call no asset cases because the debtor owns no nonexempt assets or such a small amount of nonexempt assets that liquidating those assets would not provide a meaningful distribution to creditors.

For an understanding of what is exempt and not exempt, see Exemptions in Mississippi.

,149,525.

If an individual or husband and wife filing jointly, debts exceed either of these limits, then the only option to reorganize is under chapter 11.

In Mississippi, most consumer chapter 7 filings are what we call no asset cases because the debtor owns no nonexempt assets or such a small amount of nonexempt assets that liquidating those assets would not provide a meaningful distribution to creditors.

For an understanding of what is exempt and not exempt, see Exemptions in Mississippi.

Most of the debt that is not paid as set forth by the plan of reorganization will be discharged or wiped out.

However, most long term debt and home mortgages must be paid in their normal monthly payments either through or outside the plan, except for the payments that were due upon the filing of the case.

Example: If a person is behind by 3 payments at filing and the house note was 0.00 per month, then the

Most of the debt that is not paid as set forth by the plan of reorganization will be discharged or wiped out.

However, most long term debt and home mortgages must be paid in their normal monthly payments either through or outside the plan, except for the payments that were due upon the filing of the case.

Example: If a person is behind by 3 payments at filing and the house note was $500.00 per month, then the $1,500.00 plus any late charges or other fees can be spread out through the plan.

Upon completion of the plan, the long term debt will be current and the ongoing payments will continue.

The plan can be approved, if it proposes to pay the debtor’s disposable income over the life of the plan, even if the creditors do not agree with the plan.

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Most of the debt that is not paid as set forth by the plan of reorganization will be discharged or wiped out.However, most long term debt and home mortgages must be paid in their normal monthly payments either through or outside the plan, except for the payments that were due upon the filing of the case.Example: If a person is behind by 3 payments at filing and the house note was $500.00 per month, then the $1,500.00 plus any late charges or other fees can be spread out through the plan.Upon completion of the plan, the long term debt will be current and the ongoing payments will continue.The plan can be approved, if it proposes to pay the debtor’s disposable income over the life of the plan, even if the creditors do not agree with the plan.

,500.00 plus any late charges or other fees can be spread out through the plan.

Upon completion of the plan, the long term debt will be current and the ongoing payments will continue.

The plan can be approved, if it proposes to pay the debtor’s disposable income over the life of the plan, even if the creditors do not agree with the plan.

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The fact that the term liquidation is used in describing a chapter 7 can be misleading.

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