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Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
If your attorney failed to file. You should get a refund if you paid your attorney an upfront fee for the service of preparing your file for Chapter 13 bankruptcy (or as an advance against hours ...
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
A bankruptcy lawyer can assess your financial situation, advise you on the most suitable type of bankruptcy to file (such as Chapter 7 or Chapter 13), prepare and file all necessary paperwork ...
Among the topics covered by the FRBP are adversary proceedings in bankruptcy, commencement of cases (by filing a voluntary or involuntary bankruptcy petition), how a creditor may file a proof of claim in bankruptcy or a petition for relief from automatic stay, the duties of the debtor, time periods for filing various types of motions, and the ...
If you decide not to file for bankruptcy, a credit counselor can still create a debt management plan for you. Similar to Chapter 13, a debt management plan is a systematic approach to paying off ...