Information on Chapter 7..

Chapter 7 bankruptcy allows the debtor to discharge all debts will get rid of. ... .The debtor must meet income established by federal law to qualify for Chapter 7. ... .A Chapter 7 bankruptcy takes about three months. ... .AdvantagesThe advantage of a Chapter 7 bankruptcy is that the debtor is not completed for the debt once discharged from bankruptcy obligations. ... .The debt is not discharged includes more tax debts, payments and support qualified students loans.QualifyingTo, a taxpayer's income must not exceed the median income to put on their condition. ... .If so, the applicant does not qualify by passing the test. ... .The test checks the disposable income of an applicant to determine whether to pay a sufficient income to unsecured creditors. ... .If not, can seek Chapter 7 debtor bankruptcy.FilingAt of at least 180 days before filing for bankruptcy, the debtor must receive counseling from a credit reporting agency approved by the court. ... .After completion, the borrower will file with the local bankruptcy court. ... .The registration fee is $ 299.Automatic bankruptcy court will automatically issue a residence StayThe. ... .A stay prevents creditors in contact with the applicant and try to collect debts during the insolvency of the debtor's meeting every pending.Creditors must attend a meeting of creditors. ... .In the meeting, the trustee and the creditors request the applicant to the documents with court.DischargeApproximately two months after the meeting of creditors, the court filed a notice of release. ... .This means that the debtor is no longer required to be paid to pay the debts ....