Chapter 13 bankruptcy is provided for wage earners who have steady income and are able to pay the creditors a portion or all of what they owe over a three to five year period. Attending a credit counseling course is mandatory before a filing of bankruptcy can be done. Each monthly payment is usually paid to the trustee to be forwarded on to the creditors. These payments must be paid and be paid on time. State laws govern bankruptcy, even though bankruptcy law is a federal law. Each state has different rules and guidelines.
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Delta Air Lines said it made a $69 million profit in July, its first time in the black since it went into bankruptcy last year. That compared to a $41 million loss during the same month in 2005. Delta, which filed Chapter 11 last September, reported its financial results Wednesday in a monthly filing to the bankruptcy court.
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About one-fourth as many bankruptcies were filed in Colorado during the first half of this year as during the same period last year, according to data from the American Bankruptcy Institute.
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Bankruptcy filings fell about 67 percent in the third quarter and more than 9 percent in the last year, according to data released Monday by the Administrative Office of the U.S. Courts.
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