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chapter 7 bankruptcy Archives

Can a creditor object to a Chapter 7 bankruptcy discharge?

When an individual chooses to exercise his or her right to bankruptcy under Chapter 7, it results in immediate financial relief on several fronts in return for restrictions on that person's financial behavior for a set period of time and forfeiture of some forms of personal property. Depending on the nature of that individual's need, he or she may discharge a significant of personal debt against the wishes of creditors.

Chapter 7 and the creditor’s meeting

Chapter 7 bankruptcy is often the easiest type of bankruptcy to qualify for, but this does not mean the process itself is simple. Those who pursue debt relief under Chapter 7 face a number of consequences and requirements, including subjecting themselves to a creditors's meeting in the initial phases of the process. For some debtors, this meeting can carry great emotional impact and be difficult to withstand. It is sometimes helpful to remember that all the individuals involved in a bankruptcy have responsibility to remain professional and avoid personal attacks.

Discharging personal tax debt under Chapter 7

If you owe personal taxes that you cannot feasibly pay, you may qualify to discharge some or all of that debt through a Chapter 7 bankruptcy. However, like all things involving federal taxes, there are a number of very strict standards you must meet. While meeting these standards and qualifying for a Chapter 7 discharge is not simple or easy, it is a possible avenue of relief, and every option is important to consider.

Do I qualify for more than one Chapter 7 bankruptcy?

After discharging debt in a Chapter 7 liquidation, a debtor may sometimes need additional relief from his or her debt. While it is possible for a single person to receive multiple discharges under Chapter 7, it requires special planning and patience. There are a number of actions a debtor may take that could invalidate a second Chapter 7 procedure, leaving the debtor with many fewer options than he or she may believe are available.

Do you qualify for Chapter 7 bankruptcy?

Chapter 7 bankruptcy holds the legal power to grant some consumers with untenable debt a clean start, financially speaking. When Chapter 7 works effectively, a debtor follows the strict guidelines that apply to the process and receives much needed relief from overwhelming debt. With this relief, consumers have the opportunity to reset their financial lives and rebuild their lives from the ground floor.

What if I qualify for both Chapters 7 and 13?

When it comes to consumer bankruptcy, the law offers a few different options. In almost all cases, an individual qualifies for either Chapter 7 or Chapter 13 bankruptcy. However, in some cases, an individual may qualify for both types of bankruptcy, which can create some interesting opportunities. If you believe you may qualify for both Chapter 7 and Chapter 13, you have some very important things to consider.

What can I exempt under Chapter 7?

When a person chooses to pursue a bankruptcy under Chapter 7, he or she only usually has to forfeit some of his or her personal property in the process. In fact, many individuals are quite surprised to learn just how many types of property enjoy some sort of exemption under bankruptcy law. If you're considering using Chapter 7, be sure to take your time and fully understand the process so that you don't miss some of the many benefits this type of bankruptcy has to offer.

Discharging tax debt through Chapter 7

If you're hoping to use a Chapter 7 bankruptcy to discharge tax debt, there's good news and complicated news. The good news is that discharging tax debt is possible through a Chapter 7 bankruptcy (or a Chapter 13 bankruptcy, to a lesser extent). The complicated news is that the matter is, well, complicated. While some types of tax debt are dischargeable, not all tax debt is dischargeable, and certain actions by the Internal Revenue Service (IRS) can place additional restrictions on how you liquidate assets.

Will Chapter 7 liquidate my home or retirement savings?

When you begin to consider filing for bankruptcy, it is understandable that you may have many concerns about what you'll have to give up in exchange for a fresh start, especially when it comes to your home or retirement assets. While a Chapter 7 bankruptcy does require you to liquidate assets in order to discharge some or all of your debt, it does not require you to liquidate every kind of asset.