Everything you need to know about filing for Chapter 7 Bankruptcy.
In United States, most of people are found immersed in the deep vessel of debts and thus, are forced to lead a stressful life. In such a situation, Chapter 7 Bankruptcy is considered as the most beneficial legal procedure to sail through the rough weather of debt. Not only does this procedure relieve the debtor from pending debts, it also makes him eligible for other financial benefits. Thus, Chapter 7 Bankruptcy is designed to provide a fresh start to people who are unable to carry the burden of debt.
The General Definition Chapter 7 Bankruptcy is a court-driven procedure, in which the debtor may seek the intervention of a trustee to liquidate his property and distribute the cash thus generated, amongst the creditors. The benefit of this legal procedure is that the debtor is allowed to retain a part of his property from liquidation. Following The Procedure The procedure of Chapter 7 Bankruptcy consumes four to six months and consists of following steps:
· Fill the petition form along with other information like property acquired by the debtor and also, the debts carried on his head and the list of creditors.
· Hire a good lawyer for your petition.
· The court restricts the actions from creditors, as soon as the case begins.
· A trustee is appointed by the court, which informs the creditors about the petition.
· First meeting of creditors is arranged that is presided by trustee, who questions the debtor about various debts.
· Trustee sells the assets possessed by debtor and the cash generated is distributed to the creditors.
· A time period of 60 days is fixed for the creditors and trustee to restrict the debtor from discharge. During this, debtor is required to undergo a course of financial education, failing which the case is closed prematurely.
· On successful completion of this course, the debtor is discharged from the debts carried by him.
What Makes You Eligible For Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is not meant for everyone and requires some special eligibility conditions to be fulfilled by the candidate to avail this powerful tool.
After you are discharged from your pending debts, it is like a new world for you. You automatically become eligible for borrowing a new loan and also, to open a new bank account. However, it is worth mentioning here that Chapter 7 Bankruptcy is mentioned in your credit report for next ten years. Thus, you must consult a good lawyer before actually getting prepared for Chapter 7 Bankruptcy.
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