The Trustee
In a Chapter 7 Bankruptcy filing a trustee gathers your nonexempt assets and uses the proceeds to pay creditors. You are allowed to keep certain assets. A Chapter 7 Bankruptcy Lawyer can walk you through the process of determining which assets you may keep and the assets that must be surrendered.
Chapter 7 Bankruptcy is open to individuals, but prior to filing, you must receive credit counseling from an approved credit counseling agency. There is also "means" testing (instated when bankruptcy laws significantly changed in 2005) that determines whether or not you are qualified to file a Chapter 7 Bankruptcy.
We do not recommend filing your own bankruptcy, particularly with the recent changes in the bankruptcy law. Contact a Chapter 7 Bankruptcy Attorney in your area. The initial consultation is FREE!
Pockets Empty?
Do you feel as though you have nothing left to give? Chapter 7 Bankruptcy may be the solution to your financial troubles. This type of bankruptcy filing allows you to discharge debt, though not necessarily all debt. Visit with a Chapter 7 Bankruptcy Lawyer to find out what debt can be discharged and if you qualify.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is often called "straight bankruptcy" or "liquidation bankruptcy". It is a process in which your assets, other than exempt property, are liquidated and repaid to your creditors.
If the U.S. Trustee believes you have enough assets or income that warrants a Chapter 13 filing (repayment of debt), you could be forced to convert your Chapter 7 Bankruptcy filing into a Chapter 13 Bankruptcy.
The B.A.P.C.P. Act of 2005 or Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 requires you (as debtor) to meet with a credit counseling group six months prior to filing bankruptcy. You will be required to attend classes designed to provide financial planning/financial management type knowledge. Then, as debtor, your case will need to pass a "means" test to see if you qualify for a Chapter 13 filing versus a straight Chapter 7 Bankruptcy liquidation filing.
The BAPCP Act of 2005 makes filing bankruptcy more confusing and provides even more incentive to consult with a licensed bankruptcy lawyer.
Chapter 7 Bankruptcy Lawyers on this bankruptcy attorney referral website will provide your initial consultation ABSOLUTELY FREE.
Get started toward a new life today! Your initial visit is free.
Chapter 7 Bankruptcy
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