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Learn about the process, eligibility, and alternatives of chapter 7 bankruptcy, which involves the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors. Find out the costs, fees, and requirements of filing a chapter 7 petition and receiving a discharge of debts.
Learn about federal bankruptcy laws and the bankruptcy process from the official website of the U.S. courts. Find basic information on different chapters, forms, terms, and resources for debtors, creditors, and the public.
Learn how chapter 13 bankruptcy allows individuals with regular income to repay debts over time and keep property. Find out the eligibility requirements, advantages, and disadvantages of this option.
Learn about chapter 11 bankruptcy, a reorganization process for businesses or individuals that propose a plan to pay creditors over time. Find out the requirements, fees, and steps for filing a petition and confirming a plan.
Learn about the federal bankruptcy laws that give debtors a financial "fresh start" from burdensome debts. Find out the types, procedures, and goals of bankruptcy cases under chapters 7, 9, 11, 12, and 13.
Eligibility to file under Ch. 7 & Ch. 13 is based upon the outcome of your “means test, ” which assesses whether you retain ample funds each month to repay creditors. If you have sufficient disposable income to pay creditors, you may be ineligible to file under Ch. 7, but may still be eligible to file under Ch. 13.
Chapter 7 is used by individuals to free themselves of debt and is used by businesses to liquidate and terminate their business. One of the primary purposes of straight bankruptcy is to discharge certain debts to give the debtor a “fresh start”.
chapter 7, 12, or 13, and sometimes in chapter 11 cases, this administrative process is carried out by a trustee who is appointed to oversee the case. A debtor’s involvement with the bankruptcy judge is usually very limited. A typical chapter 7 debtor will not appear in court and will not see the bankruptcy judge unless an objection is raised ...
Learn what a Chapter 7 bankruptcy is, how it works, and what are the benefits and risks. Find out how to file a Chapter 7 petition, what property is exempt, and what debts are dischargeable.
Learn what a Chapter 7 bankruptcy is, how it works, and what are the benefits and drawbacks. Find out how to file a petition, what property is exempt, and how to get a discharge.