Chapter 11 vs. Chapter 13 Bankruptcy

Attorney Stanley J. Kakol Jr. is a member of the National Association of Consumer Bankruptcy Attorneys. At his eponymous legal practice, based in Stonecrest, Georgia, he primarily assists clients through the bankruptcy process. Specifically, Stanley J. Kakol Jr. consults with clients about Chapter 7 and Chapter 13 bankruptcies.

Chapter 7 bankruptcy, also known as liquidation bankruptcy, is for people with limited or no funds and involves the sale of property to pay debt. Chapter 13 bankruptcy is known as reorganization bankruptcy. Under this kind of bankruptcy, property is not sold, but a repayment plan is brought into effect.

Individuals can file for either Chapter 7 or Chapter 13 bankruptcy, while businesses can only file for Chapter 7.

In order to qualify for Chapter 7 bankruptcy, an individual must pass a means test. The bankruptcy means test is used to assess whether a person has enough disposable income to pay back a debt. It takes into account factors such as income and expenses, including the number of dependents.

Chapter 13 bankruptcy looks at the amount of secured and unsecured debt. Unsecured debt is debt with no collateral backing, while secured debt is debt that has an asset or assets as a surety or collateral. In order to qualify for Chapter 13, the unsecured debt must be not more than $394,725. However, secured debt is limited to $1,184,200.

A bankruptcy discharge means that a debtor is released from an obligation to pay their debts. Under Chapter 7 bankruptcy, a discharge may take three to five months. Under Chapter 13 bankruptcy, a discharge is granted after completion of the repayment plan. 

Specifications and History of the Bell X-22A Aircraft

A Lithonia, Georgia-based bankruptcy attorney, Stanley J. Kakol Jr. draws upon nearly three decades of relevant experience to help clients prepare for Chapter 13 and Chapter 7 bankruptcy cases, which sometimes includes litigation before bankruptcy courts. Outside his professional pursuits, Stanley J. Kakol Jr. enjoys flying radio-controlled airplanes. His father was a famous test pilot who holds distinction as the first-ever pilot to fly the Bell X-22A.

A 39-foot-6-inch long aircraft with a wingspan of 39 feet and 3 inches, the Bell X-22A completed its maiden voyage on March 17, 1966. It was the second model of the aircraft built, after the first was heavily damaged in August 1965. Spare parts from the first model were used to construct the second X-22A. The plane had four GE YT58-GE-8D shaft turbine engines, weighed 18,016 pounds, and could reach a maximum speed of 255 miles per hour.

The Bell X-22A was initially designed to test the effectiveness of ducted lift propellers for vertical take-off and landing (VTOL) aircraft, which encompasses helicopters and tiltrotors. It featured a trio of blade propellers situated on top of four wings. These propellers tilted upwards during take-off. It was in operation until 1984 and is now displayed at the Niagara Aerospace Museum.