A chapter 7 bankruptcy is also known as a debt liquidation. It wipes out all of the debt that the law permits to be discharged. Chapter 7 bankruptcy is designed as an orderly, court-supervised procedure by which a trustee collects the assets of the debtor(s), reduces them to cash, and makes…
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Bankruptcy Resources
Here are some other places to find information about bankruptcy and bankruptcy related subjects. Bankruptcy Law Resources – General ABI World – American Bankruptcy Institute Official Bankruptcy Forms U.S. Bankruptcy Law (Cornell) Bankruptcysales.com Chapter 13 Case Data for Selected…
Can I get a credit card after filing bankruptcy?
Yes, there are several options available. While technically not a credit card you may be able to use a bank or debit card to perform activities for which you normally would use a credit card. You also may be able to keep the credit card you already have if the creditor grants approval. In…
Why do people file a Chapter 13 bankruptcy?
Many people find themselves overwhelmed by debt. Unexpected medical expenses, rapidly rising credit card payments, a reduction in income, rent increases, car repairs, lawsuits, unaffordable balloon payments, a new baby … the list of reasons people find themselves with unmanageable debt is…
What is a chapter 7 bankruptcy?
The Bankruptcy Code provides different options for individuals and businesses struggling to pay their debt, including court-supervised payment plans. Many debtors, particularly those with limited income and few assets, are eligible to wipe out much (or all) of their debt rather than making a…
Bankruptcy Law
Bankruptcy laws are intended to give a fresh start to people who cannot pay their creditors. The concept of bankruptcy as a fresh start is fairly modern. Bankruptcy was originally viewed as a criminal act, a concept that is familiar to the readers of Charles Dickens, whose novels often emphasized…
What property can I keep after I file bankruptcy?
Many people worry that they will lose everything they own after they file bankruptcy. In reality, most people can keep most of their property and many people keep all of their property. The property you keep depends upon the kind of bankruptcy you file and the state in which you live. Chapter 13:…
Why do people file a chapter 7 bankruptcy?
Nobody looks forward to filing bankruptcy, but there are times when unmanageable debt becomes too great a burden to bear. Uninsured health care expenses, an unexpected loss of income, unanticipated expenses, rising interest rates, failed business ventures and underperforming investments are just a…
Can the Discharge be Revoked?
A creditor or the trustee may ask the bankruptcy courts to revoke your discharge on the ground of fraud. The complaint must be filed within one year of your discharge. The creditor or trustee must show that you obtained violated the law and to obtain your discharge. Usually, the revocation request…
Will I have to go to court?
Everyone who files a bankruptcy petition must attend a First Meeting of Creditors. In a chapter 13 bankruptcy, you may also be required to attend a confirmation hearing. In unusual cases, there may be other hearings you will need to attend. First Meeting of Creditors The First Meeting of Creditors…