What is the so-called Deep State? Here's what you need to know about an obscure term making the rounds in the White House President Trump's Allies Keep Talking About the 'Deep State.'
The investors who take the least risk are paid first. For example, secured creditors take less risk because the credit that they extend is usually backed by collateral, such as a mortgage or other assets of the company. They know they will get paid first if the company declares bankruptcy. Secured Creditors-often a bank, is paid first. 2  Unsecured Creditors-such as banks, suppliers, and bondholders, have the next claim. 3  Stockholders-owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid.
Under federal law, your first payment is due 30 days after you file your Chapter 13 bankruptcy petition and proposed repayment plan with the court.Your meeting of creditors, a regular part of all bankruptcy proceedings where the trustee reviews your case, is typically scheduled shortly after this time. Chapter 13 plan allows you to repay your debts over three to five years in regular installments based on your disposable income. In exchange, the trustee does not liquidate your property to satisfy your debts.