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Bankruptcy Questionnaire David M Siegel & Associates  Form

Bankruptcy Questionnaire David M Siegel & Associates Form

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think of chapter 13 as a reorganization or a bill consolidation with strength and by that I mean creditors will get notice of the chapter 13 they have to file a claim a proof of claim to be part of any of those Dave yes now they don't file a proof of claim and the debtor finishes the bankruptcy case those creditors get nothing so what happens what happens if you have a situation where you've got you know and again it could be a ten percent playing all the way up to hundred percent plan so generally it's ten percent plan for all of the unsecured creditors that's what they're going to anticipate to get back but only one or two creditors file a claim does that boost up the amount that gets paid to those folks yeah there's a whole mathematical complicated formula but basically if it is a ten percent payout proposed and not many creditors filed claims then the ones who actually file claims are likely going to get a much higher percentage than

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