Liquidating assets bankruptcy
For some people, the time period must be five years.
If the court approves the plan of payment, the debts will be paid in full or partially by the chapter 13 trustee.
Upon completion of the plan, the long term debt will be current and the ongoing payments will continue.Become a digital subscriber today and enjoy unlimited access to the Omaha World-Herald anytime, anywhere.If you are a 7-day print subscriber, unlimited digital access is included in your subscription and you simply need to set up an online account.However, bankruptcy does not discharge or wipe out most taxes, most school loans, child support or alimony (called domestic support obligations in the bankruptcy code) and some other debts.The key word is student loans (thus, a review of your situation to determine if your student loans or taxes can be discharged is important.) The ability to discharge such debts as taxes and student loans depends upon the age of the loan and numerous other factors.