7 Bankruptcy Chapter Filing

Bankruptcy Information

Bankruptcy Information FAQ's Chapter & Information View our PowerPoint presentation on This page will provide the person thinking about filing bankruptcy the bankruptcy information he or she needs to make an informed decision After reading the following FAQ information you will have a good understanding of what the law allows when you meet with your Bankruptcy Lawyer or Attorney If your questions are still not answered after reading the following information we have an feature so you can ask a bankruptcy lawyer or attorney in your area a question For Chapter Bankruptcy profiles and to hear a Bankruptcy Trustee's views on filing bankruptcy for Chapter and Chapter WHAT IS CHAPTER BANKRUPTCY? Chapter bankruptcy sometimes call a straight bankruptcy is a liquidation proceeding The debtor turns over all non exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors The debtor receives a discharge of all dischargeable debts usually within four months In the vast majority of cases the debtor has no assets that he would lose so Chapter will give that person a relatively quick fresh start One of the main purposes of Bankruptcy Law is to

Bankruptcy Basics Chapter Chapter Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for liquidation i e the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors a b c d e f Alternatives to Chapter Debtors should be aware that there are several alternatives to chapter relief For example debtors who are engaged in business including corporations partnerships and sole proprietorships may prefer to remain in business and avoid liquidation Such debtors should consider filing a petition under chapter of the Bankruptcy Code Under chapter the debtor may seek an adjustment of debts either by reducing the debt or by extending the time for repayment or may seek a more comprehensive reorganization Sole proprietorships may also be eligible for relief under chapter of the Bankruptcy Code In addition individual debtors who have regular income may seek an adjustment of debts under chapter of the Bankruptcy Code A particular advantage of chapter is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to catch up past due payments through a payment plan Moreover the court may dismiss a chapter case filed by an

Chapter bankruptcy basics Chapter bankruptcy is a process provided for under United States federal bankruptcy law by which you are entitled to a fresh start Chapter bankruptcy may eliminate most kinds of unsecured debt Some examples of unsecured debts are credit cards; medical bills; most personal loans; judgments resulting from car accidents; and deficiencies on repossessed vehicles In addition to getting rid of your debt you typically can keep all of your property As long as your car and mortgage payments are current and there is no significant equity in your property we should have no problem making the arrangements for you to reaffirm the debt Keep your home keep your car keep your personal belongings but eliminate your debt; that is our goal Legal Helpers may be able to use Chapter to provide you with many benefits Read about those benefits below and about other subjects related to bankruptcy First read the below alert that contains important information that you need to know Stop Creditor Harassment If creditors are bothering you at work harassing your family friends and neighbors or calling at all hours you can put an end to it immediately simply by hiring Legal Helpers to represent

Page of An Overview of Chapter Bankruptcy Learn how Chapter bankruptcy works Chapter bankruptcy is sometimes called liquidation bankruptcy it cancels your debts but you might have to let the bankruptcy court liquidate some of your property for the benefit of your creditors Chapter bankruptcy refers to the chapter of the federal statutes that contains the bankruptcy law Bankruptcy Costs in Time and Money The whole Chapter bankruptcy process takes about four to six months costs in filing and administrative fees and commonly requires only one trip to the courthouse Who Can File Chapter can be a powerful remedy for debt problems but it isn't available to everyone For example you won't be able to use Chapter if you already received a bankruptcy discharge in the last six to eight years or if based on your income expenses and debt burden you could feasibly complete a Chapter repayment plan Bankruptcy Forms To file for bankruptcy you fill out a two page petition and a number of other forms Then you file the petition and forms with the bankruptcy court in your area Basically the forms ask you to describe your property your current income and

Page of Who Can File for Chapter Bankruptcy? Learn about eligibility rules for Chapter including the new means test Filing for Chapter bankruptcy can be a powerful tool for dealing with overwhelming debt But it isn't available to everyone Here are some situations in which you will not be allowed to file for Chapter You Can Afford a Chapter Plan Under the old bankruptcy rules the bankruptcy judge had the power to dismiss a Chapter case if he or she thought the debtor had sufficient disposable income to fund a Chapter repayment plan There were no hard and fast rules dictating when a judge should dismiss a case on these grounds it depended on the facts of the case and the attitude of the judge Now that the new bankruptcy law has gone into effect however there are clear criteria that dictate who will be allowed to stay in Chapter and who will be forced to use Chapter if they choose to file for bankruptcy Disabled veterans whose debts were incurred during active duty and people whose debts come primarily from the operation of a business get a fast pass to Chapter All others must meet the requirements set

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