Information about Chapter 7 bankruptcy ...

Chapter 7 bankruptcy is the last legal recourse for those who can not pay their debts. ... .In the United States, individuals and businesses file Chapter 7 bankruptcy. ... .Each state has at least one branch of the Federal Bankruptcy Court that the documents must be submitted in. ... .After a bankruptcy case is over, you are not legally liable for the debts mentioned. ... .However, a number of conditions are met, to be the successful conclusion of the case. ... .EligibilityIf do more than the median income for your state and can not pass a federal means test (see Resources) you will be forced to restructure and repay the most of your debts under Chapter 13 bankruptcy will. ... .You also need an approved credit counselor at the federal level (see Resources) round out the complete 7 chapters bankruptcy.ExclusionsSome debts can be forgiven through bankruptcy, including federal tax, provincial and local level are less. Three years and the debt of criminal activity. .such as court fees or fines, bad checks collected. ... .Child support, maintenance, and complaints of drunken driving can not be included in a chapter 7 case. ... .The ongoing federal student loans can not be liquidated in bankruptcy. ... .The exceptions to this state when the school was closed because the petitioner's serious and permanent disability or college is 7 bankruptcy as a form of negligence or fraud.AssetsOne episodes chapter is the loss of many assets. ... .Property such as stocks, bonds, certificates of deposits, excessive vehicles, jewelry and electronics from the Federal Court on the sale because of losses of your creditors will be charged seized. ... .Savings Accounts Home Equity, land and cash can also be used to repay creditors. ... .Most of the vehicles, the basics of electronics, personal property and household goods will not be entered in a Chapter 7 case. ... .Retirement accounts are also exempt.Time frame once a bankruptcy petition is filed, creditors can not legally take with you to try to collect money. ... .You can not pursue, seize property to sell or wage garnishment is to the Chapter 7 case tried by a federal judge. ... .This process can take up to eight months, depending on the workload and the complexity of the petition. ... .Chapter 7 bankruptcies are on your credit record for 10 years.ProcessYou do not need a lawyer to file for bankruptcy reported, but adjustment may be helpful. ... .Once you fill the forms, the information on income, debts and assets required to file with your local bankruptcy court. ... .Fees ($ 299 in 2009) may be wholly or partially to the discretion of the Court of severe financial crises should be raised. ... .Then you have to take at least two hearings on your bankruptcy. ... .After the case is closed, the discharge papers are issued to prove permanent forgiveness of debt authorized ....