Chapter 7
A chapter 7 bankruptcy is also known as a liquidation is available to
people and some businesses. This is NOT a debt management or debt
settlement arrangement, this is real help for real people.
Filing for Bankruptcy can help you in many ways, by filing you may save your home from foreclosure, help you reestablish a fresh base for your finances, stop calls from debt collectors and repossessions.
A Chapter 7 Bankruptcy will discharge certain debts but NOT all debts are dischargeable. Discharge happens if there has been no objection, usually this happens 60 days after initial meeting of the creditors (341 meeting) and this usually but not always takes about 4 months after filing the petition with the Clerk of the Court.
Discharge is not an absolute right for the debtor because the creditor may object to the Trustee or the Court for one reason or another. In a Chapter 7 Bankruptcy the creditor may file an objection to the discharge of that particular debt. Once this occurs the creditor enters into Adversary Proceeding.
The role of the Trustee in a Chapter 7 is
Filing for Bankruptcy can help you in many ways, by filing you may save your home from foreclosure, help you reestablish a fresh base for your finances, stop calls from debt collectors and repossessions.
A Chapter 7 Bankruptcy will discharge certain debts but NOT all debts are dischargeable. Discharge happens if there has been no objection, usually this happens 60 days after initial meeting of the creditors (341 meeting) and this usually but not always takes about 4 months after filing the petition with the Clerk of the Court.
Discharge is not an absolute right for the debtor because the creditor may object to the Trustee or the Court for one reason or another. In a Chapter 7 Bankruptcy the creditor may file an objection to the discharge of that particular debt. Once this occurs the creditor enters into Adversary Proceeding.
The role of the Trustee in a Chapter 7 is
