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
Landlord tenant law
Landlord tenant law of a dwelling house or a residential building is governed by tenancy law which applies real estate property law and contracts in leasehold estates. If you are ...
READ MORE
Why Should a Landlord Hire a Lawyer?
If you have some real estate properties on rent, you may not need a staff lawyer, but it would be best to consult a lawyer constantly. Just like any other ...
READ MORE
Why to discuss your legal issue with multiple lawyers ?
Cases vary in issues, facts and remedies. Some of them are intertwined with other cases or an offshoot of one issue. Others file cases which are simply asking for clarification ...
READ MORE
Common Commercial Lease Terms
The commercial lease clauses are the written and binding agreement on the real estate you will rent for your business. It will help you avoid trap and negotiate for bargains ...
READ MORE
Child Abuse
Kid misuse is the actual, sex-related or emotional maltreatment or ignore of kids or kids. In the United States, the Centers for Disease Control and Prevention (CDC) and the Department ...
READ MORE
Affordable chapter 11 legal services
There are a number of Bankruptcy laws under the United States and Chapter 11 is one of the Bankruptcy Code which governs the process. It is eligible for the business ...
READ MORE
Basics for Sole Proprietorship
Are you a writer or a photographer? Are you an individual who takes on jobs on a contract basis? Are you a freelance caterer who gets paid per booking? Or ...
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
Landlord–tenant law
Landlord–tenant law is an aspect of the typical law that inform the privileges and responsibilities of residence owners and renters. It contains components of both actual estate law (specifically conveyances) ...
READ MORE
Know Civil lawsuits to avoid them
If you are taking a proceeding or a case of some wrong act, it might be known either as "civil" or may be "criminal" suit. Scrutinize these 2 forms of ...
READ MORE
Landlord tenant law
Why Should a Landlord Hire a Lawyer?
Why to discuss your legal issue with multiple
Common Commercial Lease Terms
Child Abuse
Affordable chapter 11 legal services
Basics for Sole Proprietorship
How to get your security deposit back?
Landlord–tenant law
Know Civil lawsuits to avoid them