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How Chapter 7 Works. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.
Chapter 7 bankruptcy is a legal process where a debtor's non-exempt assets are liquidated to pay off creditors. This type of bankruptcy allows individuals or businesses to discharge most of...
Overview of the Chapter 7 bankruptcy rules written for non-lawyers. Learn how the bankruptcy rules affect your eligibility for bankruptcy relief under Chapter 7.
Chapter 7 bankruptcy is a “second chance” to regain control of your finances by having most of your unsecured debt, including credit card debt, medical bills, and personal loans, legally discharged by a bankruptcy court.
Chapter 7 bankruptcy rules determine who qualifies, how to file, and what debt is eligible for discharge. Read on for a general overview of Chapter 7 bankruptcy basics. Qualifying for Chapter 7 Bankruptcy. Every state has different income guidelines.
Learn how Chapter 7 bankruptcy works, how to qualify by passing the Chapter 7 means test, and what will disqualify you from filing Chapter 7. You’ll also learn about the debts eliminated in bankruptcy, Chapter 7 exemptions that will protect your property, and the steps in a Chapter 7 case.
How Chapter 7 Works — Bankruptcy Law Basics. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. 3 In addition to the petition, the debtor must also file with the ...
Chapter 7 bankruptcy eliminates debts without requiring filers to repay creditors, often making it the preferred choice of bankruptcy filers. Chapter 7 is also the cheapest bankruptcy chapter to file and the quickest to complete, usually taking four months.
When you file for Chapter 7 bankruptcy, also known as liquidation bankruptcy, a bankruptcy trustee will gather your assets (outside certain exemptions) and sell them off to pay your debts to the extent possible. Once the debts are discharged, you can no longer be held personally liable for them.
Chapter 7 bankruptcy allows an individual or business to retain some property that is exempt under the law, but most assets are sold, or liquidated, to pay off creditors. Although many of an individual's unsecured debts will be cancelled after a Chapter 7 filing, some will remain.