Chapter 7 bankruptcy, sometimes also called "bankruptcy", one of the files easier for chapters. In short, the liquidation of the debtor's assets to pay for their debt outstanding. However, there are several alternatives to chapter 7, is to be watched before the presentation.
Alternative
As an alternative to filing a Chapter 7 Chapter 13 or Chapter 11, and if you have a business and want to stayBusiness. A Chapter 13 allows you to save your home from foreclosure, and more than making a debt repayment plan. The failure of Chapter 11 is generally for entrepreneurs who want to say in the business. This can be done is through the adjustment of claims to reduce or extend the repayment period. The owner may also be the reorganization, which is more complete.
Eligibility
To be eligible to apply for a Chapter 7 bankruptcy of yourIncome must be below average for your area. If this is not the case, then they must be able to determine if you are eligible to file a Chapter 7 or you must submit a Chapter 13 instead. Which will be determined when you sign with his lawyer to fail. A Chapter 7 is also not take care of all the debts. Debt, which he did not refer include taxes, child support, student loans, fines and restitution, and foods. File a Chapter 7 will not mean thateverything to lose.
"I lose everything?"
A common concern is that people have, if they lose everything. The answer is no, some of your property is exempt from liquidation. These include your car, your house, clothes, and everything needed to survive and earn a living. This is now a relief for a lot of people are concerned about losing their homes and livelihoods due to general failure. This is one ofmany advantages of the application for a Chapter 7 bankruptcy.
Benefits of Chapter 7
There are many benefits to filing a Chapter 7, the other not only to maintain your home and car. Speed is an important factor when it comes to Chapter 7 Unlike a Chapter 13 to commence and complete by 5 years , chapter 7 requires only about 5 months. There is also no plan to deal with eradication, which means less effort in the long term. During registration you are also protected by annoyingCreditors. This means that it takes more than a phone, garnishment of wages, and evacuation procedures for foreclosure. You can also take advantage of better credit rating. That may sound strange, but true, many people who come from a bankruptcy, a credit rating in the longer term. For tips on how to do this, see the "Your credit after bankruptcy."
Cost
In addition to legal fees', a chapter 7 is cheap. This is a payment of deposit$ 300 due to the bankruptcy court and a course in credit counseling before and during the financial management, after registration, as in the new bankruptcy law in 2005 required. These can cost from $ 35 to $ 50 for each course.
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