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How Does a Creditor Get Reimbursed During Bankruptcy?

Overdraft charges In order to get reimbursed during a Chapter 13 Bankruptcy, a creditor needs to file a proof of claim to the court.  A proof of claim can be a contract, invoice or other document that shows a debt is owed.  Claims are paid when the debtor pays into the Chapter 13 payment plan.  The debtor pays a lump sum and the Bankruptcy Trustee disperses the funds to each creditor based on priority.  The highest priority claim is child support.

If a debtor files Chapter 7 Bankruptcy, most likely, any unsecured debt will not be repaid.  All secured debt will be paid in a Chapter 7 case is when any collateral is sold.  Some secured items are exempt or protected from the claims of creditors and the debtor's can keep it.  There are certain exemptions in a Bankruptcy case.   Contact us online or call the Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation and we can go over your individual situation and discuss what would apply to you.


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