|
|
|||||||
|
WHAT IS CHAPTER 7 BANKRUPTCY? Chapter 7 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 7 will give that person a relatively quick "fresh start". One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. WHAT IS CHAPTER 13 BANKRUPTCY? Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts. BANKRUPTCY LEGAL FORMS AND DOCUMENTS Don't trust generic forms. Use the forms professionals use. Legal Forms drafted to comply with the laws of your State. View free previews and law summaries. Download in Word format. When you purchase our products you receive up-to-date, high quality forms approved and adopted for use in all relevant courts. You may also obtain information on filing and serving the documents when necessary. There's no waiting--our forms are available for instant downloading. Click here to download Bankruptcy Forms.  |
Welcome to the WORLD Law Direct Forums. |
|
To post simply click the area of law most applicable to your issue and then click "New Thread". Registration is not required. However, we encourage you to register in order to take advantage of many personalization features. If you are asking a question, our attorneys may respond. Postings are public. Note: Only registered users may receive email notifications, subscribe to a thread they posted or get Private Messages in response. Are you a Lawyer? Click here Please search before posting! Try a couple of keyword searches for something like your problem. Chances are, due to the rapid growth of the forum, your problem may have been solved already or a problem similar to it. By searching prior to posting, you will help yourself by finding a solution sooner, and keep the newer problems in focus. |
| Sub-Forums : Bankruptcy & Debt Collections | Search this Forum |
| Forum | Last Post | Threads | Posts | ||||
|
110 | 250 | |||||
|
628 | 1,551 | |||||
|
|
|
