Sponsored Links :
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'.
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.
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.
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.
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.