Basic Chapter 7 Bankruptcy Information
For the best up to date Chapter 7 bankruptcy information, there's no substitute for seeking the advice of a knowledgeable and experienced bankruptcy attorney. There are various types of bankruptcies that you may be eligible for and a decent bankruptcy lawyer can guide you in the type to choose, the best time to file, and even determining if filing for Chapter 7 bankruptcy is in your best interest. If you've filed for Chapter 7 bankruptcy within the past 6 years, you will not be able to file until later.
Many people with incorrect Chapter 7 bankruptcy information mistakenly believe that filing bankruptcy will wipe out all of their debts. This is decidedly not true. A good bankruptcy attorney can identify for you the debts that will be wiped out and the ones that won't. Also, even though a Chapter 7 bankruptcy is one of the types of bankruptcy that will cancel much of your debt, in return the bankruptcy court may force your to liquidate some of your other assets.
Examples of the kinds of debts that will usually be canceled out by Chapter 7 are credit cards, personal loans, medical bills, and some judgements. Examples of things that are usually exempt from Chapter 7 bankruptcy filings are your home (depending on the amount of equity you have), your car, and most of your personal belongings. Retaining the services of a good lawyer will ensure that you retain as much of your personal belongings and properties as possible.
When you file for Chapter 7 bankruptcy, you will be assigned a bankruptcy trustee. This is an entity or individual who is appointed by the court to represent the interests of the bankruptcy estate as well as the people you owe money to (your creditors). The trustee will itemize all of your property and other assets that are not exempt from the bankruptcy. He will then arrange the sale of those assets and handle the disbursement of the funds received to the creditors.
Not long after claiming bankruptcy and once your bankruptcy filing is approved, all of your known creditors - including the IRS - will be notified of the filing.
When you file for Chapter 7 bankruptcy, the credit scores on your credit reports will be greatly reduced. This will negatively impact you in all sorts of ways such as borrowing money, renting apartments, getting jobs, and so on. The record of your Chapter 7 bankruptcy will remain on your credit report for at least 10 years at which point most of the credit agencies will finally remove it.
Unless there are a lot of complications in your Chapter 7 bankruptcy filing, you can generally expect the entire process to be done with in 6 months or less. You also can expect to have to take only one trip to the courthouse where the trustee will look over your financial transactions to determine which assets will be disbursed and which ones will remain as your property.
As you might expect, you will have difficulties obtaining a credit card after bankruptcy as well as other forms of credit.
Most bankruptcies in the U.S. are Chapter 7 bankruptcies. If you are drowning in debt, treat filing for bankruptcy as a valid financial strategy the same as you would any other financial strategy and get all of the information on chapter 7 bankruptcy as it relates to your area as you can.
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