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Chapter 7 Bankruptcy
Author: BKhome
When you file Chapter 7 bankruptcy (liquidation bankruptcy), your first step is to contact a bankruptcy lawyer to get you through the process. Your attorney will prepare and file documents to the US Bankruptcy Court clerk. The forms will contain your complete financial information, your income, expenses, property and debt.
Next you will meet with the court appointed trustee at which time your creditors will be notified and they can no longer contact you to attempt to collect any debt you may owe. The trustee will take your non-exempt assets and sell them to pay the trustee’s fees, administrative expenses and your creditors.
Once you have complied with all the courts requests, than an order will be filed discharging you from your debt.
About the Author
Original content from bankruptcyhome.com We can help you find a Dallas Bankruptcy Lawyer
Article Keywords:
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Bankruptcy...
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Bankruptcy Tips And Helpful Alternatives |
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Copyright 2005 Dean Shainin
Before you file bankruptcy, it is a good idea to look into other
alternatives if at all possible. New bankruptcy laws make it
more difficult to file than it used to be.
Why Has Filing For Bankruptcy Doubled?
From the period of 1994 to 2004, filing for bankruptcy has
doubled. Bankruptcy filing has spun out of control with
consumers being targeted with easy credit. This has become a
major cause for bankruptcy cases.
New Bankruptcy Laws?
There is now a new law for bankruptcy that was passed called the
"Bankruptcy Abuse Prevention and Consumer Protection Act".
People struggling to pay their credit debts are now going to
have to deal with this new bankruptcy law.
Bankruptcy Can Stay On Your Credit Report For 10 Years
Filing for bankruptcy can be on your credit for up to a decade.
It's a good idea to look into alternatives for bankruptcy.
Buying anything on credit can be a real challenge for many years
after you file... |
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Bankruptcy, Filing Bankruptcy News |
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