In Debt? Info on Chapter 7 Bankruptcy

[RandolphGoldberg]

Chapter 7 Bankruptcy is a way to wipe out your debt by grouping everything together and in one shot creating a fresh start for yourself. Before filing a Bankruptcy you should always meet with a qualified attorney to consider all your options. With Chapter 7, you can wipe out your credit card debt, lawsuits, mortgages, medical bills and more. For a complete list of what you can and or cannot do you may want to spend some time on the Federal Bankruptcy website located here: U.S. Courts | Bankruptcy | Rules

[Jhenna Cruz]

Additional Info on Chapter 7 Bankruptcy:

Yes. Chapter 7 is legitimate way to delay foreclosure in your advantage and protect your equity. The delay it will give you is usually 2 to 4 months, with the added help of discharging most of your unsecured debts in the process.

[diy4law]

Recently, banks are going after people filing chapter 7 and if they are behind on their payments faster courts for relief of stay. If the lender is aggressive they can push for for the of the house and this usually takes 30 to 60 days. Because of all the bankruptcies many lenders are becoming proactive getting their property back.

[Jhenna Cruz]

In essence, Chapter 7 releases a debtor from the liability of certain kinds of debts, effectively reducing or managing the debts he has to pay. The law will not require him to pay certain kinds of debts if his file is approved. All properties that can be seized (properties that are not on the exempt list) are entrusted to a trustee, who will put it under liquidation or sale. The proceeds will form a part of your payment to your creditors.