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Bankruptcy Law & Rights The Basic Guide of Chapter 7, 11 and 13

Bankruptcy Law & Rights The Basic Guide of Chapter 7, 11 and 13

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Bankruptcy Law & Rights The Basic Guide of Chapter 7, 11 and 13

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20 авг. 2021 г.


The Basics of Bankruptcy


In simple terms, bankruptcy can best be described as a federal process wherein you are allowed to close out all or some of your debt, and enables you (the debtor) to start off with a clean financial slate.


Since bankruptcy is a legal process, you'll have to appear in court before a federal judge. During which, the judge, your creditors and yourself will come to an agreement as to how your debt can be cleared.


This generally falls under two categories:

You and your creditors can come to terms about a new payment plan in which you'll be allowed to maintain possession of all your property but will be required to repay some or all of your debt by making payments monthly over a period of time. This is known as reorganization.


The next category is referred to as liquidation. This entails your creditors sequestering all your assets that are non-exempt to aid in repaying some of your debt. The remainder of your debt is usually forgiven.


Bankruptcy can be filed by businesses and individuals alike. Once you are seeking a way out of being buried by an inordinate amount of debt, whether you are a business, CEO of a company, soccer mom, or celebrity, filing for bankruptcy can possibly be an option for you.


You should however keep in mind that bankruptcy does have an impact on your credit; as such, you'll find it somewhat difficult to get a loan (depending on who the lender is), even a few years after you have filed. 


Chapter 7 bankruptcies are by far the most common. These are liquidation bankruptcies in which the debtors must turn over all "non-exempt" property to a supervising officer known as the bankruptcy trustee. Property is exempt if it falls within specific categories of assets that debtors are allowed to keep, such as a certain amount of clothing, household items, tools for work, and in some instances, vehicles and the family home. 


The Chapter 7 trustee will take the debtor's non-exempt property (if there is any), and sell it. The money will be paid to the debtor's creditors. This may result in creditors receiving a small fraction of their claims. The balance of the debtor's loans and obligations are forgiven and can never be collected. Creditors who attempt to collect debts that have been discharged face severe penalties under federal law. 


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20 авг. 2021 г.

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Bankruptcy Law & Rights The Basic Guide of Chapter 7, 11 and 13 - Scorpio Digital Press

Bankruptcy Law & Rights

The Basic Guide of Chapter 7, 11 and 13

Scorpio Digital Press

© Copyright 2019 by Scorpio Digital Press- All rights reserved.

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Table of Contents


The Basics of Bankruptcy

A Breakdown of Bankruptcy Fees

Why Hire an Attorney?

Common Bankruptcy Filing Mistakes

Myths Surrounding Bankruptcy

Myth #1

Myth #2

Myth #3

Myth #4

Myth #5

10 Reasons You May Go Bankrupt

Reason #1: Medical Bills

Reason #2: Less Income

Reason #3: Losing Your Job

Reason #4: Credit Card Debt

Reason #5: Divorce

Reason #6: Unexpected Expenses

Reason #7: Student Loans

Reason #8: Utility Bills

Reason #9: Foreclosure

Reason #10: Overspending/Bad Money Management

Types of Bankruptcy

Chapter 7 Bankruptcy & Its Process

Chapter 13 Bankruptcy & Its Process

Difference between Chapter 7 & Chapter 13

Debts That Can & Cannot Be Wiped By Bankruptcy

Dischargeable Debts

Non-Dischargeable Debts

Filing for Bankruptcy Multiple Times

Advantages & Disadvantages of Filing for Bankruptcy

The Advantages

The Disadvantages

Life after Filing for Bankruptcy

Letting Go of the Shame

Getting & Keeping a Job

Creating a Manageable Budget & Paying Your Bills

Getting a Secured Credit Card

Focus on the End Result...No Debt

Glossary of Bankruptcy Terms You Should Know


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