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| Consumer Bankruptcy Bankruptcy issues including Chapter 7 and 13. Protection from claims of creditors. |
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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. |
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