Chapter Summary: Bankruptcy

Chapter 7 is often the quickest and simplest form of bankruptcy and is available to just about anyone including: Married couples, individuals, and corporations. When a person is considering filing for Chapter 7 bankruptcy the first thing that is often on their mind is the amount of property and assets they will be able to keep.

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

Most people file for bankruptcy because they’re indebted to a person or corporation, like a bank for example. When you file for Chapter 7 bankruptcy, an impartial trustee is appointed to your case and handles the liquidation of

The entire point of filing for bankruptcy is to receive a discharge of your debt. You contact an experienced southern California bankruptcy attorney, make sure to provide them with all the necessary information, include every creditor in the paperwork…and then await the big day. Once you receive your bankruptcy discharge you’re done, right?

Chapter Seven personal bankruptcy is many times known as "straight" or alternatively "liquidation" bankruptcy -- it cancels your current debt, but one may have to let the bankruptcy court liquidate some of an individual's possessions for the benefit of your debt collectors. ("Chapter 7" pertains to the section of the particular federal government Bankruptcy Code which has the bankruptcy legislations.)

There are many reasons people find themselves in the situation of filing for bankruptcy. These include credit card debt, medical expenses, loss of job and divorce. If you determine that this may be the right course of action for you, you should consult with a Sacramento bankruptcy lawyer who has experience in the personal bankruptcy field. This is an important decision and the laws can be very complicated.

You may have considered filing for bankruptcy to erase your personal debt completely, but then realized that after filing for either chapter 7 or chapter 13 bankruptcy, you will still be stuck with your student loans. However, filing for bankruptcy can erase your student loan debt if you also file for the undue hardship extension. While not everyone qualifies for this extension, many people do, so it is worth looking into. If you attended a for-profit trade school, you are more likely to be eligible to have your loans dismissed when filing for this extension.

White breaks down the two main types of personal bankruptcy; White says both types first require credit collectors all actions to get the debtor to repay their debts. She then goes on to explain which debts are wiped clear from being paid back and the main difference between the two types of bankruptcy. Chapter 7 only makes debtors repay back from their own current money and Chapter 13 lets debtors repay by taking money out of their future earnings.

Chapter 7 Bankruptcy Basics: Known as the fresh start bankruptcy, the Chapter 7 bankruptcy can

The loss of your job, a change in your income, an unexpected emergency or any other number of factors may cause your, or others in Tennessee, to struggle with debt. If you are dealing with financial challenges, then you may have considered filing bankruptcy. Sometimes, however, it can be difficult to know if Chapter 7 bankruptcy is the right option for you.

Depending on your financial situation, you may be able to be placed in an uncollectable status. When a business has a drop in revenue or financial problems, the Internal Revenue Service is willing to be lenient. Although your tax bill will still garner interest costs and penalties, the IRS will not levy your assets or suspend benefits for the set amount of time that you have an uncollectable status. You are not allowed to keep this status forever, but utilizing this option temporarily may help you to get your finances under control so that you can start paying your taxes later on.

When filing for Chapter 7 bankruptcy, your income is taken into consideration. You must qualify under the income portion of the Chapter 7 bankruptcy. You have to consider your assets. If you have too many, you may not qualify. An inheritance would definitely be counted as an asset. It will require careful

Certain individuals may not qualify for Chapter 7 as the court implements a sophisticated test to determine an individual’s ability to wipe out their debts entirely.  Chapter 13 filings are more complicated than Chapter 7 bankruptcy and requires the experience of an attorney who knows the Federal Courts, the judges, and the trustees who will be approving your repayment plan. Contact Bartolone & Batista today for a free consulation at 1-800-974-5272More Chapter 13 Bankruptcy InformationChapter 11

Now, if you plan to file bankruptcy, part of the process is that once the bankruptcy petition is filed, all creditors get an automatic stay notice, informing them that all collections, garnishments, and levies must stop. This can take a while, especially if your creditor is a large bank or there are third parties involved. The bottom line, is that once the bankruptcy is filed, yes the levy must legally stop and depending on if you file a chapter 7 or a chapter 13 bankruptcy one of two things will happen to the debt still owed. In chapter 7 bankruptcy, there is a good chance that the liquidation of assets will be used by the trustee

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to