In a nutshell you file a Chapter 7 case by submitting a petition in which you disclose all your assets, debts, income and expenses to the court. The documents are reviewed by a series of Trustee’s and at the end of the proceeding, the bankruptcy court issues an order of discharge, and you are no longer liable for applicable debts.
Tag: Goal of bankruptcy
8 Interesting Things to Know About Filing Bankruptcy
Eight Interesting Things to Know About Filing Bankruptcy. The following are interesting things to know about filing bankruptcy. The decision to file bankruptcy can be tough so here are eight things you need to consider or know about before you make that decision: 1. Deadlines. Deadlines are critical in bankruptcy court. The rules in bankruptcy… Continue reading 8 Interesting Things to Know About Filing Bankruptcy
Bankruptcy discharge vs closed
Bankruptcy discharge is when the debtor is released from liability to pay his or her debts and no longer required to pay any debts that are discharged, and it also prohibits creditors from coming to collect your debt. Getting a bankruptcy discharge is a big step in a bankruptcy case but it’s not the end… Continue reading Bankruptcy discharge vs closed
Bankruptcy where to start
Where to start your bankruptcy? The idea can be overwhelming and frightening. As you begin your journey to a financial fresh start its important to determine what is your financial goal. If you are thinking about bankruptcy it is safe to assume that you have been dealing with financial problems for a period of time… Continue reading Bankruptcy where to start
How long does a chapter 7 bankruptcy last?
If you are feeling trapped by debt and your income is below the median average for Utah, you may be able to file for a Utah Chapter 7 bankruptcy. This legal process will allow you to eliminate certain types of debt and get on with your life without the stress caused by years of accumulated debt. Should filing for… Continue reading How long does a chapter 7 bankruptcy last?