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chapter 7 bankruptcy Archives

Chapter 7 and homeowner equity

Homeowners considering a Chapter 7 bankruptcy probably have understandable concerns about whether or not they can keep their home through to the side of the procedure. In many cases, homeowners do not need to forfeit their homes in order to create a fresh financial start, but it is never wise to assume this is the case. If you hope to use Chapter 7, be sure that you pay special attention to the details of the procedure to ensure that you do not run into additional difficulties keeping your home while you discharge your debt.

Before bankruptcy, consider reducing spousal support obligations

Many things can bring you to the point of considering bankruptcy, and in many cases, bankruptcy is truly the most effective, beneficial option you have available. However, bankruptcy is not something to take lightly, and is generally not the first course of action you should consider when you hit hard financial times. As you weigh your options, it is wise to look at other ways you can reduce your expenses before filing for bankruptcy. Even if you eventually do file, the fewer heavy obligations you have, the more effective the process can be.

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.