Content Overview
- Summary
- What Is Chapter 7 Bankruptcy?
- Chapter 7 Income Threshhold
- Assets You Can Keep In Spite Of A Chapter 7 Bankruptcy
- Four Steps To Find Out If You Will Be Required To Make Repayments After Bankruptcy
- Pre-Bankruptcy Counseling
- Post- Bankruptcy Counseling
- Complaints Against Approved Counseling Agencies
- What is A Typical Chapter 7 Bankruptcy Process Like?
Chapter 7 Bankruptcy
What Is Chapter 7 Bankruptcy?
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The underlying concept behind Chapter 7 bankruptcy is to wipe out all your debts and give you a chance to start fresh.
The law was changed in 2005. The changes were meant to educate people with no financial savvy and to keep people from abusing the system. The changes didn't ultimately take into account people like you who may need bankruptcy protection because of the expenses associated with a health condition.
If you are in this situation, you are not alone.
Chapter 7 starts with a credit counseling service. To learn more, see Pre-Bankruptcy Counseling.
Once bankruptcy is started, a Trustee is appointed to gather your property. Chapter 7 is often called "liquidation" because the Trustee then sells all your property for cash - except for "exempt" property and property with little or no equity. All the cash the liquidation bring in is then divided among your creditors to pay debts that exist at the time of filing.
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