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What is Chapter 7 Bankruptcy

As the name implies, the law of chapter 7 bankruptcy is contained in chapter 7 of the federal bankruptcy code. It is termed as 'straight bankruptcy'.

It provides an opportunity to the consumers to discharge their unsecured debts. It is a selling or liquidation proceeding in which the debtor's non-exempt assets, if any are sold by the trustee and distributed among the creditors according to the priorities decided in the code. In most of the cases, complete property of debtor is free from obligation. And the bankruptcy trustee will not sell any asset to pay off the creditors. It is generally the easiest and quickest way of declaring bankruptcy and is easily available to individuals, married couples, corporations and partnerships. Common debts eliminated by filing for chapter seven bankruptcy are credit cards, medical bills, personal loans and mortgages. At the time of filing chapter 7 case, all of the debtor's property is temporarily supervised by the bankruptcy court and a case trustee. A bankruptcy attorney will help you to classify that which property comes under exempt property and which one under non-exempt. Exemption laws vary depending on which jurisdiction you live in.
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    How much does it cost to file under Chapter 7

    Everyone preparing to file for bankruptcy wants to know the cost. After all, bankruptcy usually comes at a time when you are going through a bad financial phase. Bankruptcy filers must pay a filing fee. For a chapter 7 case, the fee is around $350. There might be an additional fee of $15 to $20 which needs to be paid to bankruptcy.

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    Role of Chapter 7 Bankruptcy Attorney

    Attorney may refer to - Lawyer, as a general synonym. Filing for bankruptcy can be a complicated process and if you make certain bankruptcy gaffes, chances are high that your case will get rejected by the court. So it is important that you work with an experienced lawyer who specializes in bankruptcy and can explain the basics of chapter 7 bankruptcy to you.

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    Chapter 7 Bankruptcy Rules and Laws

    Bankruptcy allows people that cannot meet their final agreement to be excused from repaying some or all of their debt. It has been in existence since ancient times. In the US, the rules and process to file bankruptcy are under control of federal law. States are prohibited from formulating laws in this section of the law. There are two major types of bankruptcies.

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    What is a Chapter 7 discharge

    Discharge can be defined as the legal elimination of debt through a bankruptcy case. When a debt is discharged, the creditor cannot attempt to collect the amount from the debtor. Individual debtors get their discharge within 6 months of filing for bankruptcy. The discharge affects dischargeable debts that existed at the time of filing the case.