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In this article, we will explain how to dissolve an Illinois corporation. We will explain the internal procedures that must be followed to dissolve a corporation in Illinois, how to file articles of dissolution with the Illinois Secretary of State, and how to properly wind up the business affairs of the corporation.
In this article, we will explain how Chapter 13 bankruptcy repayment plans work, define the different classes of creditors, explain how each class of creditor must be treated under the repayment plan, and explain how the length of the repayment plan is determined.
In a Chapter 13 bankruptcy, the debtor pays off some or all of his or her debt through a payment plan over the course of either 3 or 5 years. This is different from a Chapter 7 bankruptcy, in which the debtor’s assets are collected and used to pay creditors, while any remaining debt is immediately discharged. For more information about the differences between Chapter 13 bankruptcies and Chapter 7 bankruptcies, eligibility requirements for Chapter 13 bankruptcies, and the situations in which Chapter 13 bankruptcies are preferable to Chapter 7 bankruptcies, check out our article: When Does it Make Sense to File a Chapter 13 Bankruptcy rather than a Chapter 7 Bankruptcy.