What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, sometimes known as a straight bankruptcy, is a liquidation proceeding. The borrower relinquishes all non-exempt assets to the bankruptcy trustee who then changes it to dollars for distribution to the lenders. The consumer will get a release of all dis-chargeable debts usually inside of four months. In the vast majority of instances the consumer has no assets that he or she would lose so Chapter 7 will give that individual a fairly fast "fresh start".
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One of the most important functions of Bankruptcy Law is to provide somebody, who is hopelessly mired with debt, a fresh start by clearing out his / her debts.
People who file for chapter 7 bankruptcy will have to agree to go to credit counseling. After declaring chapter 7 bankruptcy, it can be difficult to obtain credit for a few years, and it is not possible to file for bankruptcy again for a set amount of time.
It has become more difficult to file for chapter 7 bankruptcy in the US, thanks to laws which drastically tightened the bankruptcy policies in the early 2000s. It is recommended that you talk to a lawyer and an accountant prior to investing in a bankruptcy filing, because despite the fact that the professional fees for the assessment may be high, there might be an alternative that has not been thought about. A professional consultation can additionally smooth the way to move ahead with bankruptcy filings, if a debtor decides to carry on with bankruptcy proceedings.
What Is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by people who would like to pay off their debts over a period of 3 to 5 years. This kind of bankruptcy is of interest to individuals who have non-exempt assets that they want to retain. It is usually only a choice for people who have predictable income and whose income is acceptable to pay their reasonable expenses with some amount remaining to pay off their debts.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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