In addition to accounting and tax implications, expansion may cause supply, inventory, staff or other problems. Marketing If your advertising, promotions or public relations budgets are tied to sales, you may find yourself giving certain departments more money than they need. It may be that your existing marketing efforts were sufficient to increase your sales, and extra spending might be a waste of cash. On the other hand, increased marketing spending might further expand your sales or help you keep your momentum.
The districts that provided the initial models for the modern day Chapter 13 maintain their Chapter 13 high filing rates even today. Many debtors' representatives, judges, trustees and creditor representatives have spoken in strong support of Chapter Chapter 13 enables families to get caught up on house and car loans while it provides a mechanism for repayment of unsecured debt.
Although debtors might choose Chapter 13 over Chapter 7 for a variety of reasons, curing mortgage and loan defaults is a primary incentive for them to do so.
While the concept of a repayment plan is valuable, the actual implementation of the Chapter 13 program could be improved on several fronts. The high non-completion rate of Chapter 13 plans is cause for substantial concern. For more than a decade, two-thirds of all Chapter 13 plans have failed before the debtor completes payments, and sometimes before unsecured creditors have received anything at all.
While some of the debtors convert to Chapter 7 when plan payments become infeasible, about half of all debtors who initially file for Chapter 13 are dismissed with no resolution of their financial problems and no discharge.
Some commentators suggest that debtors frequently encounter repeated financial difficulties or face new crises, such as the loss of a job or a health emergency. Bankruptcy does not insulate against subsequent disaster.
The same kinds of spotty employment or medical problems that caused debtors' initial financial problems may reemerge, or new problems might appear. Subsequent difficulties, coupled with the higher "catch-up" payments on secured debt, can foil well-intentioned repayment efforts.
Others suggest that debtors propose unrealistic plans that are doomed from the inception, sometimes due in part to inadequate advice. In an effort to meet the requirements of the Bankruptcy Code in the treatment of certain creditors or to meet the informal payment requirements of some judges or trustees, debtors may commit to payment plans that would consume or exceed every dollar of discretionary income, and make optimistic assumptions about their income, expected over-time pay, and so on, but do not allow for even minimal unforeseen expenses.
Some simply cannot sustain such payments over time. Another theory holds that some debtors file for Chapter 13 never intending to complete their payments; they may cure a default on a secured debt on a home or a car, then leave bankruptcy when their secured debt payments are current.
A related, but more troubling theory suggests that some number of Chapter 13 debtors have filed only to get an automatic stay to stop a foreclosure or eviction. When they are unable to bring the underlying obligation current, they dismiss with an intent to buy another automatic stay by filing again.
Whatever the causes for the high rate of noncompletion, several consequences are troubling. First, the many dismissals serve as a reminder that under the current system, choosing Chapter 13 over Chapter 7 does not guarantee meaningful repayment to unsecured creditors.
For example, in the many jurisdictions that permit the deferral of unsecured debt payment until the end of the plan, unsecured creditors may receive a negligible collective payout. For debtors who file only to avoid foreclosure or eviction, payouts range from nominal to non-existent. In addition, for the debtors who filed for legitimate purposes but who are too poor or too disaster-prone to complete their plans, filing and dismissing add to their financial burdens.Financial Crimes Report to include recent comparable sales in the area and other documents such as tax assessments to verify the value of the property.
in account receivables. CHAPTER 13 REPAYMENT PLANS. which might undercut the intent of the Recommendation and create other problems outside of bankruptcy.
In addition, families in Chapter 13 may not be able to afford to contest that appraisal, which means that lenders might prevail in most cases regardless of the merits of the appraisal.
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