If you go for Chapter 7 bankruptcy, you may have a lot or all of your debts canceled. On the other hand, you might need to sell some or all of your property to pay back creditors. This type of bankruptcy is called ‘liquidation’ bankruptcy.

The whole process can take about 4 – 6 months to complete and there are some charges involved. Moreover, you must complete a credit counseling course.

If you have been declared bankrupt in the past, usually within 6 – 8 years, you might not be eligible to file for Chapter 7 bankruptcy.

To file for this you’ll need to complete a petition and a number of forms that will describe about your property, current income and living expenses, debts, property you owned and the money you spend in the last 2 years and anything that you’ve sold or given away during that time too.

You are, however, exempt from having to sell certain things. The court can’t make you sell your clothes, household furnishings, and necessities such as things you need for working, e.g. your car and other tools.

At the end of this process your debts will be wiped out. Some debts will not allowed to be wiped out and these include things like child support, taxes, and student loans.

Related Posts
Pulled Over By police officer
When a police officer pulls you over, there are certain steps you must take to make it easier for you to challenge the ticket in court. When you hear the siren ...
READ MORE
Landlord and Tenants: Roles and responsibilities
In this article, I am going to examine the nuts and bolts of duties and responsibilities of landlord and tenants which come under the landlord-tenant law in the United States. ...
READ MORE
How to get your security deposit back?
Before you can move in to a rented apartment, you have to deposit a big amount of money to the landlord first. This money is called the security deposit. This ...
READ MORE
Legal help in Short Sale or Deed in Lieu of Foreclosure
A short sale and a deed in Lieu of Foreclosure are the best options if you want to give your home up, but don’t want foreclosure. These options let you ...
READ MORE
Declaring Bankruptcy. Good or Bad?
Should You Declaring Bankruptcy – this seems to be a tough question to be answered especially in the present situation. Most of the people believe that this is the best ...
READ MORE
How lawyers can help real estate investors or buyers?
In many ways, a real estate lawyer can help real estate investors or buyers more than a real estate agent can. That's because they know all the complexities of real ...
READ MORE
The landlord’s right in evict tenants
Every state in US has the unique Rent Control Acts and this is to be protected in the right manner surely. There should indeed be a valid reason behind everything ...
READ MORE
While choosing tenants, avoid Fair Housing Complaints and Lawsuits
There are Federal and State laws that promote antidiscrimination where you as a landlord have certain limitations with the things you should say & do when selecting a tenant. If ...
READ MORE
Tenant Rights and responsibilities
Have you recently moved out and you’ve decided to move again into a rented residential unit? Did you know that the tenant rights made by the Federal and State bodies ...
READ MORE
declaring yourself bankrupt?
When you are neck deep in your debts and there are creditor’s threats looming and lurking around ready to take your assets and leave you with nothing, you may need ...
READ MORE
Pulled Over By police officer
Landlord and Tenants: Roles and responsibilities
How to get your security deposit back?
Legal help in Short Sale or Deed in
Declaring Bankruptcy. Good or Bad?
How lawyers can help real estate investors or
The landlord’s right in evict tenants
While choosing tenants, avoid Fair Housing Complaints and
Tenant Rights and responsibilities
declaring yourself bankrupt?