Thursday, February 26, 2009
MYTHS AND REALITY OF BANKRUPTCY
Bankruptcy is defined by Federal Court as a process of debt removal for individuals, couples and businesses under the jurisdiction of court. In United States of America the percentage of people filing bankruptcy has increased in last couple of years. People are thinking that this is the only way to get rid of debt without taking into account the aftermath of filing it.
In America the district courts are responsible to take care of bankruptcy filing under Federal Bankruptcy Act. Actually there are eight chapters that deal with bankruptcy. They are Chapter 1, Chapter 3, Chapter 5, Chapter 7, Chapter 9 Chapter 11, Chapter 12 and last but not the least is Chapter 13. Among these Chapter 7 and Chapter 13 are called personal bankruptcy which is most common.
Filing bankruptcy depends on few things. One of the major reasons is job loss. If a person suddenly lost his or her job then it is possible for a person to declare bankruptcy as at that point of time that person won’t be able pay the debts that are due. Divorce is also a reason for filing bankruptcy. As a couple get separated, one of them and sometime both of them suffer financially leading to bankruptcy filling. Credit cards are also helping bankruptcy to rise. More credit card usage means more debts which some time become very hard to pay off and thus ending up in filing bankruptcy. Bankruptcy is also due to the reason of increase in debt income ratio. If the maximum portion of gross income of a person is used in paying off debts and the ratio continue to rise then bankruptcy is inevitable.
Even if a person can find a solution to end debt problems then also most will choose bankruptcy. This is due to certain myths. They thought that all the debts will be eliminated if they file for bankruptcy. But the thing is not so simple. All the debts are not eliminated. Debts like taxes, child support and few others are not eliminated. Most people believe that filing bankruptcy will make their life like before. But actually bankruptcy forces you to start a life with a black spot in the financial status of a person.
Actually bankruptcy is associated with lots of bad impacts. The credit report is affected badly which prohibits a person from any loan and some time from jobs also. Due to bankruptcy a person can loose his or her valuable belongings like car and even home affecting the social status of that person.
So bankruptcy is a decision which should be taken seriously and a person must consider it as the last resort.
In America the district courts are responsible to take care of bankruptcy filing under Federal Bankruptcy Act. Actually there are eight chapters that deal with bankruptcy. They are Chapter 1, Chapter 3, Chapter 5, Chapter 7, Chapter 9 Chapter 11, Chapter 12 and last but not the least is Chapter 13. Among these Chapter 7 and Chapter 13 are called personal bankruptcy which is most common.
Filing bankruptcy depends on few things. One of the major reasons is job loss. If a person suddenly lost his or her job then it is possible for a person to declare bankruptcy as at that point of time that person won’t be able pay the debts that are due. Divorce is also a reason for filing bankruptcy. As a couple get separated, one of them and sometime both of them suffer financially leading to bankruptcy filling. Credit cards are also helping bankruptcy to rise. More credit card usage means more debts which some time become very hard to pay off and thus ending up in filing bankruptcy. Bankruptcy is also due to the reason of increase in debt income ratio. If the maximum portion of gross income of a person is used in paying off debts and the ratio continue to rise then bankruptcy is inevitable.
Even if a person can find a solution to end debt problems then also most will choose bankruptcy. This is due to certain myths. They thought that all the debts will be eliminated if they file for bankruptcy. But the thing is not so simple. All the debts are not eliminated. Debts like taxes, child support and few others are not eliminated. Most people believe that filing bankruptcy will make their life like before. But actually bankruptcy forces you to start a life with a black spot in the financial status of a person.
Actually bankruptcy is associated with lots of bad impacts. The credit report is affected badly which prohibits a person from any loan and some time from jobs also. Due to bankruptcy a person can loose his or her valuable belongings like car and even home affecting the social status of that person.
So bankruptcy is a decision which should be taken seriously and a person must consider it as the last resort.
Wednesday, February 25, 2009
BANKRUPTCY COURT PROCESS
United States of America have bankruptcy courts in every state that work as a part of Federal Judicial system. And the laws regarding bankruptcy are not same in all the states, it varies. Due to this reason both creditors and debtors find it a very complicated process to deal with. So to tackle this problem the Federal system came in to being to take the authoritative position having the maximum power than any state bankruptcy courts dealing with bankruptcy. So nowadays any person who wants to file bankruptcy must approach to the federal judicial court.
Currently in ninety four judicial districts Federal system is in operation to deal with bankruptcy. There is a bankruptcy court in each district. United States Court of Appeals appoints the qualified federal judges for each federal district to take the responsibility of the bankruptcy proceedings. The judges are also accountable to consider each and every case thoroughly and then to apply the state rules and federal rules as applicable according to the circumstances.
These appointed judges are liable to decide the way to liquidate the debts of any person or debts. The judges who are appointed for each district to look after the proceedings of bankruptcy usually have tenure of fourteen years and after that they will be reviewed for another period. If any bankruptcy filing is coming under civil or criminal jurisdiction, then that classification will also be done by the federal judges.
More than 1,600,000 cases of bankruptcy were filled during 2005 with none falling under criminal jurisdiction. A person must seek assistance from a legal counsel before filing bankruptcy. After a review from that counsel the case will be scheduled
Currently in ninety four judicial districts Federal system is in operation to deal with bankruptcy. There is a bankruptcy court in each district. United States Court of Appeals appoints the qualified federal judges for each federal district to take the responsibility of the bankruptcy proceedings. The judges are also accountable to consider each and every case thoroughly and then to apply the state rules and federal rules as applicable according to the circumstances.
These appointed judges are liable to decide the way to liquidate the debts of any person or debts. The judges who are appointed for each district to look after the proceedings of bankruptcy usually have tenure of fourteen years and after that they will be reviewed for another period. If any bankruptcy filing is coming under civil or criminal jurisdiction, then that classification will also be done by the federal judges.
More than 1,600,000 cases of bankruptcy were filled during 2005 with none falling under criminal jurisdiction. A person must seek assistance from a legal counsel before filing bankruptcy. After a review from that counsel the case will be scheduled
DISCHARGE IN BANKRUPTCY CHAPTER 7
Bankruptcy helps an individual to get relief from debt and give another chance to make a new start. With the help of bankruptcy discharge certain amount of debts are eliminated from the debtors account. It varies according to the kind of bankruptcy chapter a debtor is filing for. The legal actions that can be initiated by the lender are stopped after the bankruptcy discharge. But if there is a court case regarding any objection about the discharge then the debtor might not be discharged form certain debts otherwise, after filing bankruptcy the debts of the debtor is discharged automatically.Discharge in bankruptcy is not an absolute right but a privilege provided to the debtor. The creditor can file an objection on the debtor’s discharge by the court appointed trustee involved in the ongoing bankruptcy proceedings. After the petition is filled the creditor will receive a notice form the court specifying the deadline for discharge objection. Here the creditor must have to file for a court case called adversary proceeding before the end date mentioned in the notice. The court usually allows a discharge if the complain regarding the discharge is not made within the deadline. The court issues a discharge normally after two months following the first meeting with the creditors or after four months form the date when the case is filled.
Debtors receive a discharge on most of the debts except a few. Certain taxes, loans regarding student education, child support debts, any goods that is bought within 90 days of filing the cost of which is over $500, fines charged by government agencies are not discharged. Court can also withdraw the discharge if it is found that the debtor unfairly acquire the discharge.
Monday, February 23, 2009
DEBT SETTLEMENT OR BANKRUPTCY
The word bankruptcy means a process of getting out of debt. To millions of American citizen, this is the only ray of hope when they are suffering from huge financial burden. But most of them failed to understand the negative impacts it can provide to the financial future of that person.To avoid the problem of bankruptcy, companies are coming with debt settlement offers so that the mass can be helped to get rid of bankruptcy. Debt settlement is one of the most effective ways to tackle the problems regarding debts. It works wonder if anyone is suffering from unsecured debts. Because in the case of unsecured debts the lender or the creditor might agree to receive an amount less than what is being paid to the borrower. The borrower can save a lot of amount as in most case the attorney’s help to reduce the amount by 40-60 percent than the actual sum.
Another important issue is credit report. The credit report of the person who has filled for bankruptcy is badly hurt. Lots of thing depends on credit report. Starting from acquiring a loan to getting a job credit score is one of the parameter which is used to judge the worthiness of a person. It is also not easy for a person to get loan after filing bankruptcy. So it is better to keep the credit score clean. Even if an approval of a loan of any person is considered, then also he or she will be receiving it for higher interest rates.
In certain cases of bankruptcy the court appointed trustee can liquidate the assets of the person who is declared bankrupt. So it is always advisable to check out other options before declaring bankruptcy.
Friday, February 20, 2009
COMMON MISTAKES TO AVOID WHILE FILING BANKRUPTCY
The percentage of people filing bankruptcy is increasing day by day as this is only option available to the people to get relief from debt. So if any person is filing for bankruptcy then he must avoid certain mistakes. Below are the mistakes that one must not commit:Sometime it is found that the person who is filing for bankruptcy liquidate their retirement accounts before filling bankruptcy .Bankruptcy is a law which protects the debtor’s retirement accounts. So in that case it is not required. That is why it is always better to consult a professional bankruptcy attorney before filling bankruptcy.
Bankruptcy filing considered all the debts. So after filling bankruptcy the person cannot prioritize the debts. All the creditors should be ignored. If the person who has filled bankruptcy is found paying to the family members the trustee has the right recover that amount.
After bankruptcy is filled the usage of credit cards should be blocked. If it is found that the debtor used his or her credit card to purchase any item that exceeds five hundred dollars within ninety days of filling then those expenditures can be considered as non discharged expenses.
Suppose a person is having any civil case pending against him or her, then that person must disclose it to the bankruptcy trustee.
The law, bankruptcy, is designed in such a way that protects both debtors and creditors. If the court came to know that the affected person transferred any property to cheat then heavy fine will be levied upon the person concerned.
So a person should pay attention toward this points while bankruptcy.
TIPS TO AVOID BANKRUPTCY
Bankruptcy is a dreadful process. Though it is a legal way to eliminate the debts, still it is accompanied with lots of disadvantages. The most severe outcome is a person will be devoid of getting money from the lenders if one needs so. The credit report will be badly affected which can be a hindrance in getting jobs. There are other negative impacts also. So it is a procedure which everyone must avoid. Below are few tips which can help a person to avoid bankruptcy:The first and foremost thing a person should consider to avoid bankruptcy is proper planning regarding budget. Managing the expenditures is a great way to avoid bankruptcy. This way one can understand where the money is being utilized and for what. If the spending is unnecessary then it must be curtailed.
The second most important thing is regarding present debts. If any person is having any debt then it is advisable to do little bit of working on it. He should chalk out the debts and must compare them with the income. That will help him to analyze the current financial position. Then plan out ways to reduce those debts.
Another important part that should be considered is to get a second job. This is really a good thing because the debts are not increasing and also there is an income option.
It is also necessary to get enrolled into a debt management program. As it can consolidate the debts and can also reduce the net debts to be paid to the lenders.
If money is really needed that it is better to take help from relatives or friends as in some cases they can provide you the monetary help without any interest.
And last but not the least credit purchase should be avoided to the extent possible.
Wednesday, February 18, 2009
EFFECTS OF PERSONAL BANKRUPTCY
Bankruptcy, to few, is a dreadful option and one must not consider it until and unless it is required. But to some other it is the easiest option to get relief from the debt burden. No matter what is the case it is a fact that bankruptcy is the legal way to deal with financial burdens.But bankruptcy is something which should be taken seriously. It is not a child’s play as the results are really harsh and the effect lasts for long. Personal bankruptcy is of two types: Chapter 7 and Chapter 13.
Chapter 7 is also known as liquidation bankruptcy. Here, the person who is declared bankruptcy has to sell the non exempted assets to pay off the creditors. This is one of the biggest disadvantages as the person is loosing some of his or her possession. Some cases the borrower might have to loose the house or the car even. The report of the bankruptcy filing will remain in the credit report of the customer for 10. This will prevent the person to obtain any loan from the lender in the future. And even if an application of a loan is approved then rate of interest will be much higher than the normal.
Chapter 13 is not so severe like Chapter 7 but still the effects are strong. The report of filing bankruptcy Chapter 13 will stay in the credit report for seven years. During this time also similar problems will be faced by the borrower as in case of Chapter 7. Moreover Chapter 13 is also a time consuming process and normally take 3 to 5 years to complete.
So in any cases declaring personal bankruptcy has its own negative effect. And can be only considered after consulting an attorney.
Monday, February 16, 2009
DEBT CONSOLIDATION VS BANKRUPTCY
One of the most horrifying experiences that more or less every American residence face is the problem regarding debt. Sometimes people even find it difficult to decide which one to choose: to pay off the debts first with the earning or to meet the necessary expenditure of family. Some choose to pay off the debts and others consider the family first. Whatever be the case, it is very tough to handle this kind of situations.In these kinds of situation many people will rush to file for bankruptcy as these can be the easiest way to get relief from debts. But the aftermath in many cases is even more difficult to handle. Filing personal bankruptcy (Chapter 7 or Chapter 13) had many negative impacts. The most troubled thing will be obtaining credit. As report of bankruptcy filing stays in the credit report for 7 to 10 years, most of creditors will refuse to lend money to you. A person can loose his assets. Family relations can suffer. And even if applications for loans are approved then the interest rates would be higher than normal.
In that case Debt consolidation is an option for the debt ridden peoples. Debt consolidation is a service provided by debt consolidation companies to pay off debts. The major advantage is that a person only has to make one single payment to pay off the debts. Debt consolidation program also helps to reduce the interest rate thus money can be saved. As this program allows a person to pay off the creditors, it shows a paid status in the credit report and in this way the credit report of that person is also not affected. Also like bankruptcy filing, the person will be free from the harassment of creditors.
Debt consolidation - The Australian Lending Centre is a specialist in debt consolidation and a leading supplier of financial services including home loans, refinancing, personal loans, business loans, investment loans and debtor finance.
So it is always advisable to choose debt consolidation rather than bankruptcy but of course after consulting a lawyer.
Friday, February 13, 2009
BANKRUPTCY VS FORECLOSURE
Whether a person should file for a bankruptcy due to non payments of the debts or foreclosure will be a suitable option, does not depend on the personal choice of a person. The decision varies according to the situation.Suppose a person is suffering from financial crunch and because of that the person is unable to pay the mortgage lender the outstanding monthly payments, then the mortgage lender is going to file for foreclosure. To get relief from the foreclosure proceedings the person must pay back the monthly dues to the mortgage lender.
Whereas, bankruptcy is a process which is filed by a borrower due to non payment of the debts. After filing bankruptcy the mortgage lender is restricted from taking any kind of legal action against the debtor. When a bankruptcy is filled it provides an automatic stay on the assets of the borrower which stops a lender from any legal proceedings. But the creditor can file for release from the automatic stay. And once it is granted, the mortgage lender can choose for foreclosure. So it is understood that bankruptcy slows down the foreclosure procedure. But it cannot stop foreclosure. Bankruptcy only provides some time to the debtors so that the debtor can make repayment plan and start paying off the outstanding. And in some cases eliminates certain debts from the account of the debtors.
Thursday, February 12, 2009
LIFE AFTER BANKRUPTCY
Bankruptcy is a concept that everyone is scared about. If it is heard that a person has filed for bankruptcy then the first thing comes to the mind is that the affected person is denied of getting any kind credit again. It is true that bankruptcy is not an easy choice. It is really stressful, but a person can live properly even after bankruptcy. Just one thing should be kept in mind and that is not to repeat the mistakes committed earlier. Let’s have a look about the life after bankruptcy:-Rebuilding credit – There are lots of options available to a person to rebuild personal and financial status. This is a time consuming process but if worked out carefully then it is achievable. Lots of banks offer secured credit cards to a bankrupt person. Here the deposits must be made by the card holder to cover the credit. Interest rates are generally high so it is advisable not to use by those person who are impulsive in nature. They are actually very good to rebuild credit score.
Peace of Mind- Before filling for bankruptcy a debtor used to receive harassing calls from the lenders. Now the person is relieved from that. A person can now concentrate on ways to make things better. And in case of family members and friends, just tell them about it clearly and things will change gradually.
If a person is wedded in a non community property state then the spouse of that person is not affected. But in case of a community property state the person concerned and his or her spouse might have to sign for a debt.
So these are some issues that a person has to deal with after bankruptcy. But one can easily overcome it with proper planning.
CREDIT CARD BANKRUPTCY
Bankruptcy occurs when a person fails to make any payments on the borrowings made by him or her. Similarly credit card bankruptcy occurs when a person unable to pay the credit card bills that he or she owes. In this case the creditors or the institutions from where the borrowings are made can take legal actions on the person concerned like bankruptcy to get back the amounts.If any person is having a massive financial burden on credit cards and is not capable of paying those debts then the situating is pressurizing the person to go for bankruptcy. Many companies that deal with credit card bankruptcy demand that all the debts will be cleaned and again a person can have a new beginning. But the truth is much pathetic. It not only affects the credit score but also restricts the expenditure made during the bankruptcy period. Purchasing any asset is also unsafe as the attorney has the right to use it to repay the debts by selling it. So it is always advisable not to file for bankruptcy when suffering from credit card debts. There are options available, it is better for a person if those options are considered.
Debt management companies can reduce the debts of a person so that the person can have some relief. They can talk to the creditors and reduce the payment to be made to the creditors to bring one person out of monetary problem. These companies are professionals in this field and are experienced to handle such cases. They can even minimize the interest rates or can work out a debt consolidation plan with a reduced payment. A person can also have discussions with the credit card companies to reduce the interest rates by giving them the trust to repay back the debts.
So it is better to consider the options available for a person who is suffering from credit card debts rather than jumping into bankruptcy filling.
Wednesday, February 11, 2009
BANKRUPTCY CHAPTER 11
Bankruptcy Chapter 11 is a kind of bankruptcy that is reserved for public limited companies. It is also known as corporate bankruptcy. Through this process an organization which is debt ridden can restructure its debts and can again try to be profitable.Most of the public limited companies will choose to file for Chapter 11 rather than Chapter 7 as Chapter 11 gives the company an opportunity to continue its operation so that if possible the company can turn around and pay back its creditors. Sometime it is found that the company regained its profitability and in some other cases it liquidates in the end. In Chapter11 bankruptcy a company can continues its operation and its share can continue to trade on in the OTCBB or the Pink Sheets. However the company is de-listed either from NASDAQ or from NYSE (New York Stock Exchange).And as the company is still carrying on with its operation, it must update its information about its development in SEC’s report.
Here, the court appointed trustee appoints one or more committees to stand for creditors and
stock holders so that they can sit with the company to work out a plan of reformation in order
to get rid off debt. The plan must be acceptable by the creditors and other stock and bond
holders and approved by the court. If the plan is not accepted by the creditors then also court
can approve it if according to the court the plan is proper for the creditors and stockholders.
When the plan gets the court’s approval it is to be mentioned in the SEC on Form-8k.
stock holders so that they can sit with the company to work out a plan of reformation in order
to get rid off debt. The plan must be acceptable by the creditors and other stock and bond
holders and approved by the court. If the plan is not accepted by the creditors then also court
can approve it if according to the court the plan is proper for the creditors and stockholders.
When the plan gets the court’s approval it is to be mentioned in the SEC on Form-8k.
This is how Chapter 11 works. This is more complex than other types of bankruptcy and
undoubtedly the most expensive. It provides the debtor an opportunity to make a new start. It is the last resort for a company and should be considered after analyzing other alternatives.
Friday, February 6, 2009
BANKRUPTCY- CHAPTER 9
Bankruptcy is a process through which the financial obligation of a person is eliminated. It helps to restructure the debts or in certain cases eliminates a part of the debt, depending up the type of the bankruptcy a person is filing. But filing bankruptcy is not an easy decision. One has to analyze things very carefully before filling bankruptcy. There are many types of bankruptcy covering individuals and different entities. Chapter 9 is dedicated to municipalities.Chapter 9 bankruptcy laws deals with municipalities who are going through financial turmoil and have huge debts to pay off but are unable to do so. This generally occurs when the budgeting is not controlled properly or if there is any loss due to certain unavoidable circumstances. In this scenario it is advisable to municipalities to file for Chapter 9 bankruptcy.
To file for Chapter 9 bankruptcy a municipality must:
• be insolvent
• be a debtor as per state law or according to a government officer
• opt for a plan to restructure its debts.
Chapter 9 bankruptcy not only covers the affected municipality but also the people living there. It helps the municipality to repay the debts to the creditors and also protects the town. It also encourages the citizen to not to do any harm to their town.
Filing Chapter 9 is the ultimate option left for the municipality. But it is the only available option through which a municipality can turn around, pay off their creditors and to start afresh.
Thursday, February 5, 2009
BANKRUPTCY – CHAPTER 13
Bankruptcy Chapter 13 is also known as restructuring bankruptcy. Here, in this case the person who is filing for Chapter 13 bankruptcy does not have to sell the assets to pay off the debts rather he or she has to prepare a repayment plan to meet his financial obligations towards the lenders.In Chapter 13 bankruptcy the repayment proposal of a person is kept under the supervision of the court appointed trustee. The person who opts for Chapter 13 bankruptcy should have an unsecured debt less than $922,975 and not more than $307,675 in secured debts. The person who is filling for Chapter 13 bankruptcy musthave a proper income as the person have to pay back the creditors and the payment is to be made from his or her income.
Chapter 13 bankruptcy is a time consuming procedure. It normally takes 3 - 5
years to complete. The repayment starts within 30 to 45 days after the plan gets approved. The payment is actually made to the court appointed trustee who actually pay the creditors involved in the case. A debtor is generally assisted by an attorney in most of the time incase of any legal matter that can occur in that period. In Chapter 13 the possessions of the defaulter stays intact and the creditors are paid less than the actual amount.
Chapter 13 bankruptcy also comes with certain advantages and disadvantages.
Certain advantages are that, a person can repay all the debts. The property of that person is saved. Certain debts which are not discharged in chapter 7 can be discharged in Chapter 13. And the major disadvantage is the filing stays in the credit report for more than seven years and in that period the person is denied of any kind of credit which he or she may require.
Chapter 13 in some cases is better than Chapter 7 provided a person can afford it.
BANKRUPTCY - CHAPTER 7
This is also known as liquidation bankruptcy. It is a process through which a debtor is subjected to pay of the remaining debts by selling some of his or her belongings which are not protected under the bankruptcy law. It is a very fast process as it takes only four to six months to finish.
Not every defaulter can file for Chapter 7 bankruptcy. There are certain criteria which are to be analyzed for filing Chapter 7 bankruptcy. One of the important eligibility criteria is “means test”.
Through means test Internal Revenue Service judges whether a defaulter is eligible to go for Chapter 7 or not. In this case if the income of a person is less than the average income of the other person with a same family size in the state where he or she is residing, the defaulter can file for Chapter 7 bankruptcy. Otherwise the court will find the best available option for that person. The other eligibility criteria required to be judged are:
.Enrollment in a credit counseling session within six months before filing bankruptcy
.No Chapter 7 bankruptcy discharge within past eight years or Chapter 13 within past six years
.No bankruptcy dismissal within past six months due to failure from the defaulter’s part to appear before court or follow court orders.
The possessions those are required to sell to pay off creditors are mainly liquid assets. But it is required to give a list of all the assets to the trustee and on the basis of the list, trustee will judge which asset to sell. But there are exemptions on certain assets as per bankruptcy Chapter 7 law. Assets like pensions, retirement plans, and social security benefits are protected from any legal action. The house of the defaulter can also be protected if the equity of the house is less than the Federal or State exemption. The same rule is applicable for car also.
Bankruptcy Chapter 7 though can be a good option to eliminate debt but it has its negative impacts also. So it is always advisable to have proper information before availing this option to get rid of the debts.
Tuesday, February 3, 2009
BANKRUPTCY – AN OVERVIEW
Bankruptcy is a process through which a person get rid of whole or part of the debts that he or she need to pay to his or her creditor. It protects an individual from any legal action undertaken by the creditors or lenders due to non payment of his or her debts. In certain cases bankruptcy also allows a person to opt for a repayment plan under court’s supervision to pay back the debts that the person owes. Bankruptcy depends on certain criteria. They are:Once a person is declared bankrupt, within fourteen days of the declaration, court emails the creditors with the details regarding the trustee’s name, automatic stay, date for meeting with creditors and also with the case number. In the next 20 – 40 days the court arranges a 341 meeting with the creditor and with the trustee. After 30 – 40 days of the filing, the trustee checks whether the assets can be used to pay off the creditors. If the filling is falling under Chapter 7 and the assets are protected as per bankruptcy law then a report of no distribution will be filled at the court. But if the assets are non exempted one then the trustee will sell the assets to clear the dues. In case of Chapter 13 the court appointed trustee checks the repayment plan prepared by the debtor.
Bankruptcy helps a person to start afresh by erasing the debts. But Chapter 7 gives a negative impact on the credit report. Where as Chapter 13 has a positive effect as here a person can repay his or her debts.
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