Chapter 7 Bankruptcy questions and answers

6. APR 2011 Jackie Lynn

Chapter 7 Bankruptcy questions and answers freepixels.com-

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is also called the "Finish" or "liquidation" of the bankrupt. It is more than 4-6 months, and delete the unsecured debts such as credit cards, medical bills or credit. Chapter 7 does not require any other payments made to your creditors. Chapter 7 bankruptcy also stops all wage garnishments and sometimes to get back part of the money that has been taken into account.

Will I lose all if number 7 file?

Each Member State shall, in what is called the "exceptions", the debtor may retain a certain amount of property that allows the user to. The objective of the exemptions is, so that when the case is over, the bankruptcy of the debtor and their families are not left on the street, no. To allow the debtors to maintain a certain amount of equity in the House, cars, jewellery, clothes and other assets. Usually no one files Chapter 7 case, if they will lose nothing. If the debtor has too many resources to file Chapter 7, service request, they file Chapter 13 bankruptcy case, that the debtors to keep more of the property.

How does this affect my credit?

Bankruptcy is a person's credit report for 7-10 years from the date of filing. However, bankruptcy is very generic and, if the creditors do not extend the credit provides for all that, bankruptcy, creditors to make money. Typically, when a chapter 7 case is over, it is possible to obtain a mortgage of the House, where the 2 year period, if their goal is. Ask your attorney to bring a Credit Score as quickly as possible, when the bankruptcy case is more than that.

What would happen if the do not bankruptcy 25.4.1997?

If you do not file for bankruptcy, the creditors sued its own risks, take your garnished, your refunds, wages, salaries or even what your House is sold. Bankruptcy will stop immediately all these measures have been taken, and in some cases can even retrieve the vehicles or the money that has been taken from you.

Is bankruptcy alternatives?

There are many "choices" bankruptcy that are advertised, such as debt consolidation, debt settlement and credit to sleep. The reality is that many of these companies are scams, and even if they are entitled, is very low success rates. Many people try these options only if you want more money and time as the application of the bankruptcy case in the first place, only to lose. If you are considering using one of these companies, it is always good to do a Google search on the internet company, and the word "scam" to see what the device is the name of the program. Also, check the Better Business Bureau, complaints. These companies will also tell you that they offer no real legal protection of creditors and often for the most part of them even do not have any real Bützow staff.

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