now browsing by tag
Chapter 7 Bankruptcy is a liquidation proceeding in which the non-exempt properties of the defendant are sold by the trustee of Chapter 7 and transferred to the creditors in compliance with the priorities set down in the Statute. Eligibility for filing Chapter 7 Bankruptcy shall be calculated by means of an average examination defined by amending the Bankruptcy Code in 2005. In general, Chapter 7 is the easiest and shortest type of bankruptcy and is open to people, married couples, businesses and alliances. Do you want to learn more? Visit Attorney Harry C Kaufman – White Plains chapter 7 lawyer.
Pursuant to Chapter 7, persons who are residents, have a business address, or own property in the United States may file for bankruptcy before a federal judge. Chapter 7 Bankruptcy is not open in defined conditions to people who have had bankruptcy proceedings withdrawn during the past 180 days.
The person is entitled to hold any excluded property in a Chapter 7 bankruptcy. The land worth that may be stated as excluded ranges from state to state. Such collateral, if any, are liquidated to compensate creditors through the temporary trustee. The Bankruptcy Process technically discharges certain types of unsecured debt, although there are different categories of debt which are not discharged under Chapter 7. Popular discharge exceptions include child care, payroll taxes of fewer than three years of age and property taxes, student loans and fines, and compensation levied by a judge for any offences incurred by the debtor. Spousal support is often not provided by a debt filing nor by divorce property agreements. Both debts must be listed on bankruptcy schedules, notwithstanding their possible non-dischargeability.
And as far as companies are concerned, under Chapter 7, when a distressed company is badly entrenched in debt and unable to repay its creditors, they can file for bankruptcy. A Chapter 7 filing implies that, unless continued by the Chapter 7 Trustee, the company ends activities. A Trustee of Chapter 7 is named with large powers to review the financial relations of the corporation. Generally, the Trustee sells all the properties and distributes the creditors with the profits.
No one will direct you better than a competent bankruptcy attorney should you wish to apply for a Chapter 7 bankruptcy. A bankruptcy attorney will inform the debtor what the right time to file is, if they are qualified for Chapter 7 or need to file Chapter 13, ensure that all conditions are met so that the bankruptcy goes smoothly, and if the properties of the debtor will be protected after filing. With the revised provisions of the 2005 BAPCPA Bankruptcy Act, it has been difficult to file a personal Chapter 7 bankruptcy. At your service, a Dedicated Bankruptcy Solicitor can help you make your choices clear and succeed in bankruptcy.
Is Chapter 7 Bankruptcy the best remedy normally requested? Perhaps this is the most prevalent type of bankruptcy in the United States. Chapter 7 Bankruptcy, where there are no objections by either of the groups concerned, is one of the quicker options to start anew and more so. Typically, most loans are required to be settled within months of the lawyer bringing a bankruptcy motion.