Tag: Chapter 7
Types of Bankruptcy
In Chapter 7 or ‘straight’ bankruptcy, the applicant surrenders all non-exempt property and assets to an appointed bankruptcy official. These are converted into cash and the proceeds are disbursed to the applicant’s creditors.
This process of liquidation then results in the applicant being freed of all financial obligations within a short period usually not exceeding four months. Obviously, this provision has seen a lot of abuse in the past. The new laws now state that an individual cannot re-apply for … Read the rest
Filing Chapter 7 Bankruptcy
When someone has high debt and no other feasible financial mode of repayment, they may need a fresh start in form of a bankruptcy.
People file for Chapter 7 bankruptcy more often than any other type of bankruptcy, and it accounts for almost 65% of all consumer bankruptcy filings.
A Chapter 7 bankruptcy is often also preferred to a liquidation or a straight bankruptcy. The process of liquidation transfers one’s possessions to funds. This course of action necessitates the appointment … Read the rest
New York Bankruptcy – Chapter 7
In the United State, Chapter 7 bankruptcy is the most common type of bankruptcy filed. It is the process of liquidating assets to pay off creditors.
When an individual files for bankruptcy they are many times allowed to keep certain exempt properties such as real estate mortgages. Other, non-exempt assets are then used for liquidation to pay back creditors. Other types of exemptions that are common include child support, taxes, student loans etc.
One bad aspect of filing for personal … Read the rest
Chapter 7 – Bankruptcy Laws
Chapter 7 is one of the bankruptcy laws that can be used to file a petition if the borrower has an excessive amount of debt and has no way to repay it.
The law is for individuals wishing to file for bankruptcy. This law allows a trustee to keep some property belonging to the debtor as a security for the payment. Also, the creditors can no longer take necessary action to collect the debt from this individual unless it is … Read the rest